Goldman Sachs CEO and Chairman David Solomon has announced new goals today to boost diversity at the bank. One of the goals includes doubling the number of entry-level bankers and traders from historically black colleges. Solomon also said he aims to have 40% of vice presidents globally who are women, 7% Black in the Americas and UK, and 9% Latino in the Americas by 2025.
In an email to staff today, Solomon said that attracting and developing a diverse workforce is essential for the firm to “advance sustainable economic growth and financial opportunity”. Solomon believes that progress on diversity will “enhance its ability” to execute its strategy and deliver for its clients. “As I reflect on the events of the past several months, the intensity of our focus on accelerating our journey in ensuring a truly inclusive and diverse Goldman Sachs has only grown stronger,” he stated.
ASPIRATIONAL GOALS
“When Goldman Sachs makes a commitment, our teams do what they do best,” added Solomon. “We focus on what is necessary to make meaningful progress. We support each other, and we keep ourselves accountable.” He also promised to maintain the “emphasis on fostering an inclusive work environment for all of our people” to ensure that everyone “can bring our authentic selves to work each and every day” for the “benefit of all”.
Last year, the firm set aspirational goals and a comprehensive action plan to increase diverse representation at all levels and create an even stronger culture of inclusion for all its employees. The results to date have been “positive”, according to Solomon: “The positive results we have achieved since, including more diverse representation for our 2020 campus analyst class – which comprises a majority of women for the first time, and our highest representation of Black talent in the Americas and Asian talent globally – and the Managing Director Class of 2019 – our most diverse to date – demonstrate the power of setting aspirational goals and holding ourselves accountable.”
Along with other CEOs, Solomon has taken a stand against racism, and reinforced the company’s DE&I efforts in a bid to stamp out inequality following the horrific recent events against members of the Black community. “There is no place at Goldman Sachs for racism or discrimination against any group in any form,” stated Solomon, demonstrating the firm’s zero tolerance towards racism. Earlier this year in Davos, he also pushed for more diversity on boards, and stated that the bank won’t take companies public unless they have at least one “diverse” board member, as reported.
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