Goldman Sachs reveals gender pay gap of 56 per cent

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Goldman Sachs has revealed it pays male employees 55.5 per cent more an hour than its female employees.

The US investment bank also revealed that it had a 72.2 per cent bonus pay gap.

Goldman Sachs attributed its pay gap to an imbalance of men and women in senior roles. The company’s statistics show that women make up 62.4 per cent of the jobs in the lowest quartile; while just 17 per cent of women make up jobs in the highest quartile.

Under new government rules, all employers with 250 or more employees will have to measure and report their gender pay gaps for the first time.

Women currently earn around 18 per cent less on average than men, despite continued efforts to remove barriers in the workplace. Employers have a critical role to play to help close the gender pay gap.

In a joint statement, Lloyd Blankfein, the chairman and chief executive of Goldman Sachs, and David Solomon, the president and chief operating officer, 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.”

Goldman Sachs is the latest bank to release their gender pay gap data. Last week, HSBC released its figures, revealing a pay gap of 59 per cent.

The bank also revealed that their bonus pay gap is 86 per cent more for men than for women.

HSBC’s gender pay gap report also found that only 23 per cent of their leadership roles are held by women, while two-thirds of the junior roles are held by women.

HSBC’s reported gap is the biggest yet to be disclosed by a British bank. The Royal Bank of Scotland reported a 37.2 per cent mean gap in hourly pay, while Barclays reported a mean gap of 48 per cent.

Alison Simpson
About the author

Alison is the Digital Content Editor for WeAreTheCity. She has a BA Honours degree in Journalism and History from the University of Portsmouth. She has previously worked in the marketing sector and in a copywriting role. Alison’s other passions and hobbies include writing, blogging and travelling.

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