Investment bank Goldman Sachs announced plans on Monday to hire more women and minorities — including a target of making women half of its new hires in lower-level positions.
In an email to employees, the Wall Street bank announced a goal of making new hires for its entry-level analysts and associate roles about 50 percent women, 11 percent black employees, and 14 percent Hispanic employees. Managers will also be expected to interview two or more “qualified diverse candidates” for non-entry level roles, the memo said. No deadline was set for the goals to take effect.
Last year, the U.K. government forced Goldman Sachs to disclose its gender pay gap, revealing that it paid women employees 56 percent less on average than their male colleagues, and offered them 72 percent less in discretionary year-end bonuses. Further mandatory release of gender pay gap data in the U.K. is expected this spring.
In the memo, the bank’s upper management suggested that the disparity in pay between women and men was explained by a lack of women in higher paying roles, not women being paid less for the same work. But the memo was unclear as to how implementing entry-level diversity markers would directly impact the extreme lack of women in the company’s senior leadership.
“[Goldman Sachs pays] women and men in similar roles with similar performance equally,” they wrote. “We need to improve senior representation in order to change the results of these measures, and we are confident that the steps we’ve outlined will help us, over time, increase our representation of all diverse professionals at senior levels.”