Goldman Sachs’ female staff earn half as much as male counterparts
Goldman Sachs International has revealed in
The bank employees around 36,600 people worldwide, 5,500 of whom are based in the UK
This figure is an improvement on the 55.6 percent gap that the American investment bank reported in 2017, but nevertheless signifies that female employees are typically paid less than half as much as their male counterparts.
The firm’s median pay gap was 35.5 percent last year, down from 36.4 percent the previous year. The median bonus handed to female employees remained at 68.9 percent less than that given to men in both 2017 and 2018.
Goldman Sachs is one of the world’s most prestigious investment banks.
The bank attributed its substantial gender pay gap to a lack of women in senior management roles, an imbalance that it is attempting to redress. In an
In a statement on March 26, Richard Gnodde, Chief Executive of Goldman Sachs International, said the current pay gap was not indicative of its female employees being underpaid for the same work being undertaken by their male counterparts.
“At Goldman Sachs, we set compensation by merit, not by gender or any other factor. We spend significant time on this during the compensation process to ensure that our commitment to equal pay is upheld,” Gnodde added.
He acknowledged, however, that there is much more to be done in achieving equal representation at senior level. Goldman Sachs launched a
It appears, however, that this message is yet to be translated to the payroll department.
