Goldman Sachs sets new diversity goals for employing vice presidents
Goldman Sachs has set new diversity goals for employing Black, Latino and female vice presidents, reflecting a growing acknowledgment that most top roles are held by white men.
The bank said that by 2025 it wants seven per cent of its employees with the title to be Black and nine per cent to be Latino.
Vice presidents at investment banks are considered to be just below the rank of managing directors, and above analysts and associates.
Chief executive David Solomon also said the bank was aiming for 40 per cent of its employees with the vice president title to be female.
Last year Goldman Sachs set out plans to increase representation at all levels to create “an even stronger culture of inclusion” for its employees.
It set a goal for 11 per cnet of all new analysts and entry-level associates hired in the US and nine per cent in the UK to be Black professionals. Goldman Sachs also said it aimed for 14 per cent to be Latino and half to be women.
In a statement today, Solomon reiterated the bank’s belief that greater diversity leads to greater success in its business. “Progress on diversity will enhance our ability to execute our strategy and deliver for our clients,” he added.
The bank also said it would build on its goals for its entry-level analysts and associates. To do so it will strengthen its relationship with Historically Black Colleges and Universities (HBCUs) by doubling the number of its campus analyst hires in the US.
Last week HSBC told staff it will at “least double” the number of black employees in its upper ranks, indicating banks worldwide are recognising their lack of diversity.
In an internal memo chief executive Noel Quinn said: “Black colleagues feel that HSBC has not been strong or vocal enough as an organisation on matters that concern them.”