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New employing wave for Black, Latino, and female says Goldman

David Solomon, Goldman’s chief executive officer yesterday wrote in a statement -which was posted on the bank’s website- that Goldman Sachs Group Inc by 2025 aims to employ 40% of its workforce to be female, 7% to be Black for the title of vice presidents, and 9% to be Latino professionals.

The diversity targets that look very promising and ambitious add to ones Goldman set for staff in lower-level positions last year, reflecting a growing acknowledgement on Wall Street regarding the fact that globally most top jobs are held by white men.

The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S. Image credit REUTERS/Brendan McDermid/File Photo

Even if this was already obvious to many -probably not to the ‘top ones’?- Goldman executives have said that greater diversity also equals greater success in business.

“Progress on diversity will enhance our ability to execute our strategy and deliver for our clients,” Solomon declared yesterday.

Employees with the title of vice president at investment banks like Goldman Sachs are in the higher rank positions of the bank, considered to be just below the rank of managing directors, and above analysts and associates.

Image Credits: Berlin Packaging/Linkedin

In 2019, Goldman already set a goal for 11% of all new analysts and entry-level associates hired in the U.S. and 9% hired in the U.K. to be Black professionals. Nonetheless, the bank also aimed for 14% to be Latino professionals and a half to be women last year.

But in yesterday’s statement, the bank committed to doubling its hiring from historically black colleges and universities for the position of analyst by 2025.

Yet, will the company keep its promises reaching the set goals?


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