May 30, 2024

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Investment bank Goldman Sachs agreed to pay $215 million in a “gender discrimination” settlement.

Goldman Sachs, an investment firm, has pledged to pay $215 million (£170.2 million) to resolve a sex discrimination complaint in the US, where it was alleged that it had provided women with lesser pay and fewer prospects.

The collective lawsuit, which was scheduled for trial the following month, focused on allegations that the investment bank had pervasive and enduring bigotry against women in terms of salary and advancement.

A judge must approve the agreement, which affects about 2,800 female vice presidents and associates working in “Goldman Sachs’ securities, investment banking, and investment management businesses.”

In addition, Goldman Sachs has agreed to recruit an impartial expert to look at its methods for evaluating employee performance and for advancing vice presidents to managing directors.

Furthermore, the company will look into any sectors where there is a gender pay disparity and take action in accordance with the results of an independent pay equity study. Vice presidents will get “enhanced” information about career advancement and promotion standards.

For a period of three years, the bank will commit to implementing these procedures.

According to Kelly Dermody of “Lieff Cabraser Heimann & Bernstein LLP,” who represented the plaintiffs as women, the settlement “advances gender equity at Goldman.”

The global head of human capital management at Goldman Sachs, Jacqueline Arthur, stated: “Goldman Sachs is proud of its history of elevating women and is steadfast in its commitment to providing a diverse and inclusive environment for all of our employees. The two parties have decided to end their dispute after more than ten years of contentious litigation. Our customers, employees, and company remain our top priorities.

Over the past few years, criticism about Goldman Sachs’ workplace culture has grown. A group of junior bankers vowed to resign in 2021 as a result of the company’s CEO, David  comments that remote work was an “aberration” and that personnel should come back to the office as soon as feasible. The business responded by implementing steps to deal with burnout.