At Goldman Sachs, the future is half female when hiring workers

By Kate Gibson

/ MoneyWatch

While getting more relaxed about what its employees wear, Goldman Sachs is also suiting up to have a more diverse workforce, half of which ideally would be women.

Like the rest of Wall Street, white men are largely in charge at Goldman, as the investment bank makes clear in offering a view of its workforce demographics.

Women account for nearly 38 percent of Goldman's U.S. workers, and make up nearly 22 percent of top managers, 80 percent of whom are white, according to a company report. Blacks or African Americans represent 5.4 percent of Goldman's employees, and 2.9 percent rank as top executives or managers.

"We have announced our commitment to having women represent 50 percent of our global talent over time, starting with our goal of 50 percent representation of women in our incoming analyst class by 2021," the company states.

In expanding its aspirational goals to include analysts and entry-level associates, or 70 percent of its annual hiring, Goldman aims to have African Americans represent 11 percent and Hispanics 14 percent of its U.S. professional base.

"Experienced, lateral hiring has been an important part of the firm's growth," CEO David Solomon and two deputies told staff in a memo Monday, referring to the practice of only hiring people with a background in banking. "However, it has been a significant contributor to the dilution of our diversity at more senior levels and we need to address this."

Goldman is also looking into ways to "increase representation of the LGBT, disabled and veterans communities," added Solomon, who took the helm at Goldman in October.

First published on March 18, 2019 / 5:10 PM

© 2019 CBS Interactive Inc.. All Rights Reserved.

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