Goldman Sachs has become the most recent bank to report a yawning gender pay gap, underscoring just how male-dominated the world of finance still is – especially at the most senior levels.
The company employs approximately 6,000 people in the United Kingdom. On Friday, it reported a mean gender pay gap in the United Kingdom for its international business of 55.5 percent and a mean bonus gap for the unit of 72.2 percent.
Earlier this week, HSBC admitted to having a 59 percent mean gender pay gap – which is currently the largest for a British financial company, even though some are yet to report before an early April deadline of the government for all firms who are employing at least 250 people to disclose their figures. The national average is about 18 percent.
Just like some other companies, Goldman utilised the said report to commit to doing more in order to close the said gaps.
“As a global firm, the advancement of women in the workplace is top of mind for us. We have made progress over the years,” said Goldman, “yet we have significant work to do.”
Just like with other financial institutions also, the firm attributed the gap to men greatly outnumbering women in the highest pay brackets. Data on the website of the company reveal that women account for 62.4 percent of the jobs in the lowest quartile when broken down by pay. However, in the highest quartile, they account only 17 percent of all the jobs.
“In our last global partner class, we had our highest ever proportion of women promotes, but it is not enough,” stated the firm, referring to the top seniority level of the workforce of the company.
It added: “We hold ourselves accountable for creating a working environment in which all individuals can achieve their full potential and progress to the most senior levels of the firm.”
Various banks on Wall Street and across the City have for some time been attempting to change their reputation of having a deeply-entrenched bias on gender. On Thursday, in an internal memo posted on its website, Goldman said that it had set a target for women to account for half of the new analysts of the company, entry-level jobs of the company, by 2021.
Lloyd Blankfein, the Chief executive of Goldman Sachs, and David Solomon, and president and co-chief operating officer, jointly wrote in the memo that they wish to achieve greater diversity across the company more broadly – both in terms of ethnicity and gender.
Back in January, Solomon, who is now widely tipped to succeed Blankfein as the CEO, said that despite various progress during recent years, Goldman, which is the fifth largest bank in the United States, had not increased the proportion of women in its workforce to sufficient level, particularly across its senior management.