Finance

Goldman Sachs sheds light on Black employee numbers for first time

Fewer than 50 people at the top of Goldman Sachs in its biggest market are Black, according to new numbers that shed light on the racial make-up of the US banking giant for the first time.

There are 24 Black men and 25 Black women out of 1,548 senior executives in the US, according to new figures, or around 3%.

Across the bank in the region, Black professionals make up 6% of Goldman’s workforce or 1,425 people, something chief executive David Solomon has vowed to improve.

“There’s still a long road ahead,” Solomon said in the introduction to Goldman’s sustainability report, which contained the numbers. “But I will continue to make this effort a personal priority.”

Goldman Sachs has set hiring targets of 11% Black professionals in the junior ranks in the US, and 7% in the UK, as Solomon has pushed to bolster both gender and racial diversity at the firm. It is also aiming for 7% Black vice presidents by 2025 in both the UK and US.

In 2020, 11% of new Goldman Sachs analyst hires in the US were Black, while 13% of campus recruits in the UK were Black.

The numbers show the racial and gender make-up of Goldman Sachs for the first time. In the US, white males comprise nearly 60%, or 920, of the executive ranks.

READ London has 650 senior investment bankers – only three are Black

Large banks have vowed to increase racial diversity in the wake of the Black Lives Matter movement that has swept across the world.

US banks are required to break out their diversity statistics in their home country by the Equal Employment Opportunities Commission. Previously, banks have largely shared percentage figures, rather than absolute numbers, however.

A lack of regulatory demand elsewhere in the world means that data is scarce on the racial make-up of banks and financial services organisations globally.

In June last year, Financial News asked 11 leading investment banks and five asset managers to provide data on the proportion of black and ethnic minority people they employ globally. They all declined. Analysis of 650 senior investment bankers in the City by FN revealed that just three were Black.

To contact the author of this story with feedback or news, email Paul Clarke

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