Goldman Sachs promoting women to senior roles plummets to lowest level

Goldman Sachs promoting women to senior roles plummets to lowest level

Goldman Sachs has promoted the lowest share of women to managing director since David Solomon took over as CEO — renewing scrutiny of the Wall Street large’s variety report after years of guarantees to elevate women into senior ranks.

Women accounted for just 27% of Goldman’s new class of managing administrators, according to figures launched Thursday.

Goldman told The Post that the total variety of managing administrators from various backgrounds across the agency has remained flat or elevated, even as this 12 months’s class included a smaller share of women.

Goldman Sachs promoted the smallest share of women to managing director since David Solomon turned CEO. REUTERS

The drop ends a gradual upward development since 2017, when 24% of promotions went to women, and falls below the 31% recorded in the last round of promotions in 2023.

The statistics have been first reported by Bloomberg News.

The new managing director class is the largest since 2021, with 638 execs complete — 172 of them women.

The drop in the share of women managing administrators comes as Goldman continues to face fallout over the loss of a number of high-profile women and criticism that its management stays overwhelmingly male.

In March 2024, The Wall Street Journal reported that roughly two thirds of women who have been companions when Solomon turned CEO in 2018 had since left or not held the title — in contrast to just under half of male companions.

Just 27% of Goldman’s 638 new managing administrators are women — the lowest ratio in Solomon’s tenure. Goldman headquarters in Manhattan is pictured above. Bloomberg through Getty Images

The agency responded at the time with a 12-point “briefing toolkit” for managers, admitting that “progress has been slow.”

Russell Horwitz, the financial institution’s chief of workers, wrote in the memo that Goldman “hasn’t gone far enough” to promote and retain women, even as he pointed to incremental enhancements in the share of women in vice chairman and managing director roles.

Solomon publicly pledged to make inclusion a “core part” of his management during testimony to Congress in 2019.

But in February, Goldman dropped its earlier coverage of refusing IPO enterprise from firms with all-white, all-male boards — a rule Solomon as soon as touted as a landmark push for company variety.

This 12 months’s promotions also coincide with a reshuffle that lowered women’s illustration on the financial institution’s elite administration committee to 22%, down from 25% earlier this 12 months.

Only certainly one of roughly a dozen new appointments in Goldman’s funding banking division went to a girl.

Solomon not too long ago conceded the agency has made “progress … but candidly not enough.” AFP through Getty Images

Solomon acknowledged last week that the agency’s progress stays uneven.

“We’ve made a bunch of progress, especially in the senior ranks, but candidly not enough,” he said at the Economic Club of Washington.

Several senior feminine executives — including former companions Stephanie Cohen, Beth Hammack and Alison Mass — exited lately, leaving a smaller contingent of women at the highest ranges of the agency’s hierarchy.

Cohen, as soon as considered as a possible future division head, went on depart in 2023 after overseeing Goldman’s troubled client enterprise and isn’t anticipated to return.

Hammack, a two-decade veteran dealer who was as soon as thought-about for chief monetary officer, retired in 2024. Mass stepped down from the administration committee however remained as chairman of funding banking.

In February, Goldman dropped its earlier coverage of refusing IPO enterprise from firms with all-white, all-male boards. Reuters

The departures left just a handful of women in Goldman’s top revenue-producing roles.

The funding agency has also confronted accusations of systemic bias.

In 2023, Goldman agreed to pay $215 million to settle a long-running class-action lawsuit introduced by more than 2,800 women who alleged discrimination in pay and promotion.

The company denied wrongdoing.

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