Goldman Sachs Releases Diversity Data on Leadership Makeup, And the Numbers Aren’t Promising

In a latest sustainability report, the agency revealed that it had simply 49 Black executives and senior managers working in the U.S.

April
21, 2021

2 min learn

Despite promising to advance racial fairness and financial alternative for marginalized communities, Goldman Sachs nonetheless falls properly wanting diversifying its management positions. In its latest 2020 sustainability report, the agency highlights its dedication to Black girls by its One Million Black Women program — an initiative that invests over $10 billion in Black women-led organizations. Other knowledge in the report, nevertheless, reveals that the agency at present employs simply 49 Black folks in govt and senior supervisor positions. That determine represents a measly 3.2% of high-level positions at Goldman Sachs. Related: How to Use Executive Search Recruitment Practices to Foster Diversity and Inclusion in Your WorkforceThe report additionally exhibits that there have been solely 105 Black staff in lower-level managerial roles. Moreover, of the 12,521 professionals that the Wall Street agency employs, simply 870 are Black (452 are Black males and 418 Black girls). The numbers, due to this fact, seem at odds with the message in CEO David M. Solomon’s letter to shareholders discovered at the starting of the report. “[As] this 12 months’s report explains, we have made good progress on our aspirational variety and inclusion objectives,” he wrote, whereas including that there was “nonetheless a protracted highway forward” and that he would proceed to make variety and inclusion efforts “a private precedence.”The report’s launch comes weeks after Solomon addressed criticism surrounding worker burnout at the agency. A viral PowerPoint presentation revealed that a number of first-year analysts had been working 100 hours per week. In response, Solomon stated he would attempt to give overworked junior bankers a minimum of in the future off throughout the week.Goldman Sachs is amongst quite a few corporations that has confronted rising calls to diversify its senior management. Recently, JPMorgan Chase disclosed that 5% of its U.S. executives and senior-level managers are Black. Morgan Stanley additionally launched a report stating that simply over 2% of its senior leaders are Black.