(Reuters) - Goldman Sachs Group Inc GS.N on Wednesday promoted 509 people to managing director, the bank's second-highest rank behind partner.

Traders work on the floor of the New York Stock Exchange near the Goldman Sachs stall July 16, 2010. REUTERS/Brendan McDermid

The bank, which names managing directors every two years, promoted 101 in its investment banking division and 130 to its securities division, which includes sales and trading, according to the bank.

Around 24 percent of Goldman’s new managing directors are women, down slightly from a quarter two years ago.

Goldman’s new managing directors will be promoted as of Jan. 1.

The bank named 425 managing directors in 2015.

New Goldman managing directors will receive a pay raise but are not paid out of the lucrative bonus pool designed for partners.

Wall Street bonuses could be higher this year, according to a November report from New York State Comptroller Thomas P. DiNapoli. Brokerage firms have set aside 4 percent more this year for compensation than they did a year earlier.

Goldman said it had set aside 5 percent more money for compensation in the first nine months of the year, compared with the same period in 2016.

Despite competition for employees from technology companies and private equity firms, CEO Lloyd Blankfein said in February at an investor conference that the bank has had no problem attracting top recruits.

Goldman received 131,000 applications for just 5,000 summer internship and full-time campus roles in 2016, up 11 percent from a year prior.