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Here's who doesn't get promoted at Goldman Sachs

So, now we know why Goldman Sachs is going all out to hire and promote women, latinos and blacks across the firm. - Last week's global sustainability report from the bank reveals that in the U.S., at least, employees in each category are under-represented. - And that their representation wanes at senior levels.

The diversity stats from Goldman are shown in the chart below. The implications are pretty stark: if you're a white or an Asian professional at Goldman, you're disproportionately more likely to become an 'official or a manager'.

But if you're black, hispanic/latino or female, you're disproportionately less likely to make it to the next level. 

In the case of hispanics and latinos, the drop-off is particularly acute. There's a 450 basis point difference between the percentage of hispanics and latinos who are professionals and the percentage who are officials and managers. 

The stats suggest Asian employees' luck doesn't hold all the way to the top - or at least, that it hasn't in the past. Asian employees' representation at Goldman Sachs peaks at the official/manager level, and plummets at the executive level. Meanwhile, white (male) employees' representation keeps going up.

Goldman is clearly trying to do something about its demographics, which are likely replicated at most U.S. banks. In March, CEO David Solomon announced new diversity hiring targets at the junior level of 50% women globally; 11% black and 14% Hispanic/Latino in the Americas; and 9% black employees in the U.K..

It's not just hiring but promoting and retaining minorities that appears to be the issue. The firm has also launched various programs to address this, including a 'classroom curriculum' titled 'Race & Ethnicity in the Workplace,' a sponsor program to encourage high-performing female vice presidents to assume leadership roles. and an Asian talent initiative, which it says, "resulted in noticeable increased promotion rates," for its Asian professional staff. 

Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

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AUTHORSarah Butcher Global Editor
  • ab
    about_face
    2 May 2019

    The best don't get promoted, like in any organisation.... only the politically correct that are just smart. This prize goes to those of South indian ethnicity....and they destroy after they are there on top....remember Pandit of Citi?

  • An
    Angry Dick
    1 May 2019

    Now we know who is the most stupid, lazy and useless to compete fairly, so they need to pull them via divercity rope to make at least a little step up in their career. I wish GS to fill all pyrimide with them and come to banal Lehman's end.

  • Un
    Unknown
    1 May 2019

    You should not be promoting people depending on their gender/ethnicity. To me the above sounds like discrimination. People should be promoted based on their knowledge and hard work, is it so hard to accept this?

    There is a headcount in my team and the only way we can fill it in is if we hire a female.. because of this we had to say No to many exceptional white male candidates...

  • so
    somerm
    1 May 2019

    I worked at GS for 34 years (1977 - 2011) and I am a white female. It took me 15 years and busting my butt to get VP and it didn't even come with a raise!!

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