In a current sustainability report, the agency revealed that it had simply 49 Black executives and senior managers working within the U.S.
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Regardless of promising to advance racial fairness and financial alternative for marginalized communities, Goldman Sachs nonetheless falls properly in need of diversifying its management positions.
In its current 2020 sustainability report, the agency highlights its dedication to Black girls via its One Million Black Ladies program — an initiative that invests over $10 billion in Black women-led organizations. Different knowledge within the report, nevertheless, reveals that the agency at present employs simply 49 Black folks in government and senior supervisor positions. That determine represents a measly 3.2% of high-level positions at Goldman Sachs.
The report additionally reveals that there have been solely 105 Black staff in lower-level managerial roles. Furthermore, of the 12,521 professionals that the Wall Road agency employs, simply 870 are Black (452 are Black males and 418 Black girls).
The numbers, subsequently, seem at odds with the message in CEO David M. Solomon’s letter to shareholders discovered initially of the report.
“[As] this yr’s report explains, we have made good progress on our aspirational range and inclusion targets,” he wrote, whereas including that there was “nonetheless an extended street forward” and that he would proceed to make range and inclusion efforts “a private precedence.”
The report’s launch comes weeks after Solomon addressed criticism surrounding worker burnout on the agency. A viral PowerPoint presentation revealed that a number of first-year analysts had been working 100 hours every week. In response, Solomon mentioned he would attempt to give overworked junior bankers a minimum of at some point off throughout the week.
Goldman Sachs is amongst quite a few companies that has confronted rising calls to diversify its senior management. Lately, 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.