Tuesday 18 December 2018

Men paid 56% more than women at Goldman Sachs International

Figures released by the US investment bank also showed bonus awards for men were 72.2% higher than those paid to women.

Goldman Sachs’ UK headquarters, in Fleet Street, London (PA)
Goldman Sachs’ UK headquarters, in Fleet Street, London (PA)

By Ben Woods, Press Association Chief City Correspondent

Women at Goldman Sachs International earn 56% less than men, further highlighting the scourge of unequal pay at heavyweight financial firms.

Figures released by the US investment bank showed a gap in average hourly pay of 55.5% in the UK, while bonus awards for men were 72.2% higher than those paid to women.

It comes after HSBC emerged as one of worst offenders in the country when its gender pay gap of 59% was revealed on Thursday.

Goldman Sachs said the pay discrepancy was fuelled by more men holding senior positions at the firm.

In a joint statement, chief executive Lloyd Blankfein and David Solomon, co-chief operating officer, said the company still had “significant work to do” when it came to employing more women in top-level positions.

They said: “At Goldman Sachs we pay women and men in similar roles with similar performance equally.

“However, the real issue for our firm and many corporations is the under-representation of women and diverse professionals both in magnitude and levels of seniority.

“We have made some progress, but we have significant work to do, and we, as leaders of our firm, are committed to doing this critical work.”

On a median basis – which takes the middle number from a list of the lowest and highest values – Goldman Sachs International’s hourly gender pay gap was 36.4%.

Meanwhile, Goldman Sachs (UK) SVC, which employs 1,600 staff in the UK, had gender pay gaps of 16.1% and 19.7% on mean and median basis.

The Government has set a deadline of April 4 when all organisations with 250 staff or more are expected to publish their gender pay gap figures.

More than 1,000 organisations have already published gender pay gap statistics, with Government data showing around three in four are paying male employees more than female colleagues.

Press Association

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