Goldman Sachs International (GSI) has reported a 55.5% mean gender pay gap for fixed hourly pay.
In addition, Goldman Sachs (UK) SVC (GSUL) has reported a mean gender pay gap of 16.1% for fixed hourly pay.
Collectively, the two UK entities of investment banking organisation Goldman Sachs employ 9,000 employees. The organisation has reported its gender pay data in line with the government’s gender pay gap reporting regulations, ahead of the private sector submission deadline of 4 April 2018.
The gender pay gap reporting regulations require organisations with 250 or more employees to publish the difference between both the mean and median hourly rate of pay for male and female full-time employees; the difference between both the mean bonus pay and median bonus pay for male and female employees; the proportions of male and female employees who were awarded bonus pay; and the proportions of male and female full-time employees in the lower, lower middle, upper middle and upper quartile pay bands.
GSI’s median gender pay gap for fixed hourly pay is 36.4%, while GSUL’s median gender pay gap stands at 19.7%.
When it comes for bonus payments, GSI reported a mean gender pay gap of 72.2%, while GSUL reported a 32.5% gap.
Across both of its UK entities, Goldman Sachs employs a higher proportion of women than men in junior roles and a higher number of men than women in senior and management roles.
In its gender pay gap report, the organisation stated: “We are a meritocracy, and gender is not a factor in the way that we pay our people. We pay women and men in the same way, using the same compensation criteria, including the nature of their role and their performance.
“The fundamental challenge we should all be focused on is increasing the representation of women at senior levels. This is where the real imbalance lies, and requires attention at the earliest stages of recruitment to attract more women to financial services roles.
“We are committed to promoting diversity and inclusion at all levels of the firm. It is critical that we recruit and retain a diverse group of people who bring a broad range of experiences, capabilities and perspectives to our organisation.
“Although progress is being made, we acknowledge that more needs to be done. In our last global partner class, we had our highest ever proportion of women promotes, but it is not enough. We hold ourselves accountable for creating a working environment in which all individuals can achieve their full potential and progress to the most senior levels of the firm.”