29-Year-Old Paulo Costa Becomes Goldman’s Youngest MD Today

UPDATE: In a groundbreaking achievement, Paulo Costa, just 29 years old, has been named the youngest managing director at Goldman Sachs as of October 19, 2023. Based in London, Costa’s promotion marks a significant milestone in his career and highlights his leadership within the firm’s synthetic products group.

The announcement reverberated through Goldman’s London office early Thursday, where colleagues celebrated a new class of managing directors. Costa, who leads dividend trading across Europe, the Middle East, and Africa, was one of 638 employees honored in this year’s promotion round. “When the call came, I was filled with a mix of surprise and excitement,” Costa told Business Insider.

Costa’s promotion is timely, coinciding with a 7% increase in revenues for Goldman’s equities division in the third quarter. Higher net revenues in financing, closely aligned with Costa’s work, significantly contributed to this growth. “It’s truly a culmination of a remarkable year,” he said, reflecting on his professional journey.

The moment was made even more special as Costa celebrated with his wife, a prime broker at Goldman, who was present when he received the news. “She was the first person I spoke to after hanging up,” Costa shared, underscoring the emotional significance of the occasion.

Costa oversees a crucial aspect of the bank’s operations that helps major investors navigate the complexities of stock trading without direct ownership. His expertise has been honed through navigating turbulent markets, including the pandemic and a recent market sell-off. “You learn the most when conditions get messy,” he remarked, emphasizing his growth through challenging experiences.

Originally from Portugal, Costa was encouraged by his family of doctors to pursue a medical career. However, his fascination with finance took root during the European sovereign crisis, leading him to explore trading at a young age. He recalls, “I became very interested in how the financial markets were crashing at home.”

An alumnus of the University of Warwick, Costa joined Goldman as a summer analyst in 2016. He advises aspiring finance professionals to follow their passions and work diligently toward their goals. “You’re only going to excel at something if you’re truly invested in it,” he stated.

As the celebrations unfolded, Costa’s colleagues and mentors gathered for a Champagne toast on the eighth floor of Goldman’s London office, followed by a larger celebration at a nearby venue attended by around 150 people. Mentors like Lorenzo Longo, who supported Costa early in his career, expressed immense pride in his achievement.

Now stepping into a leadership role, Costa acknowledges the weight of new responsibilities but feels confident in his ability to lead. “I don’t think I need to impose myself more than I did a week ago,” he asserted, recognizing the significance of his promotion at such a young age. “I never imagined that, at 29, I would be at this stage of my career.”

As Costa embarks on this new chapter, his story resonates with many, showcasing how determination and passion can lead to extraordinary accomplishments. This promotion not only reflects his hard work but also underscores the dynamic nature of the finance industry, where young leaders like Costa are reshaping the future.

Stay tuned for more updates as Costa’s journey unfolds in the world of finance.