Out of 1,548 Goldman Sachs US executives, 49 are Black

David M. Solomon, President and Co-Chief Operating Officer of Goldman Sachs, speaks during the Milken Institute Global Conference in Beverly Hills
David Solomon, CEO of Goldman Sachs, speaks during the Milken Institute Global Conference in 2017.

  • Out of 1,548 top executives at Goldman Sachs in 2020, 49 were Black, the bank said Tuesday.
  • The 49 Black leaders represented 3.2% of all executive leadership at the bank, a slight rise from 2.7% in 2019.
  • Goldman Sachs CEO David Solomon said he would make improving the diversity of the bank’s workforce a “personal priority.”
  • See more stories on Insider’s business page.

Goldman Sachs said on Tuesday that out of its 1,548 senior executives in the US, 49 were Black.

Out of those 49 Black executives, 25 were Black women and 24 were Black men, according to its 2020 sustainability report.

The 49 Black executives represented 3.2% of all executive leadership at Goldman Sachs in 2020, which was a slight improvement from 2.7% in 2019.

The bank employed a total of 21,040 people across the US in 2020. Tuesday’s report showed that 1,425 of these workers were Black, including 649 men and 776 women.

This means they made up 6.8% of the bank’s US workforce – a step up from 6.6% in 2019. Census data shows that 13.4% of the US population is Black.

In the executive summary of the report, CEO David Solomon said there was “still a long road ahead” on improving the diversity of the bank’s workforce, adding that he would “continue to make this effort a personal priority.”

Read more: Which Wall Street banks and private-equity firms are handing out special bonuses and pay bumps to junior talent

He added that Goldman Sachs has “set additional goals for retaining and promoting talent at the vice-president level.”

Goldman Sachs didn’t immediately respond to Insider’s request for comment.

The report comes one month after the bank announced it was set to invest $10 billion in an initiative called “One Million Black Women.” The project aims to reach 1 million Black women by 2030 through investment in healthcare, jobs, education, and access to capital.

Goldman Sachs has a higher proportion of Black employees in senior executive positions than Morgan Stanley, which revealed in its 2020 Diversity and Inclusion report that it had 37 Black leaders out of 1,705 executives in the US.

Bank of America’s 2020 Human Capital Management report showed that 201 out of its 4,191 executives were Black, while Citigroup’s 2019 Diversity report said that out of 108 executives, four were Black men, but there were no Black women.

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Goldman Sachs bosses reportedly sent snack hampers to junior staff after a survey revealed brutal 100-hour weeks. Rival banks sent their staff bonuses or Peloton bikes.

David Solomon
Goldman Sachs CEO David Solomon.

  • Directors at Goldman Sachs sent one-off fruit and snack hampers to overworked junior bankers, the Guardian reported.
  • It follows a survey in which junior staff described “inhumane” 100-hour work weeks.
  • Other banks have offered much larger gifts, including Peloton machines and Apple devices.
  • See more stories on Insider’s business page.

Bosses at Goldman Sachs have sent snack hampers to London bankers in response to a survey that revealed the “inhumane” working conditions junior staff faced at the bank in the US, according to a report by the Guardian on Tuesday.

Managing directors, not the company, were paying for the one-off fruit and snacks hampers, the report said, adding that Goldman Sachs hadn’t directly offered any gifts or bonuses to junior bankers following the survey.

In the survey, leaked on March 18, 13 first-year analysts in the US described their declining mental and physical health, 100-hour work weeks, and a lack of sleep. UK staff told the Guardian they too faced burnout.

Some junior bankers told the Guardian they appreciated the gesture of the hampers. But staff at other banks have received much larger gifts.

Investment bankers at Credit Suisse are getting a one-time $20,000 bonus for dealing with an “unprecedented” workload during the pandemic, while Jefferies is offering 1,124 of its junior workers Apple products and workout equipment including Peloton bikes worth nearly £2,000 ($2,750), per the Guardian.

Citigroup CEO Jane Fraser banned internal video calls on Fridays and introduced a company-wide holiday on March 28 called “Citi Reset Day.”

Read more: Confessions of Wall Street’s burned-out junior bankers: 5 current and former analysts from firms like Goldman Sachs and Credit Suisse explain their daily schedules

One Goldman Sachs employee told the Guardian that the bank should be doing more for the junior bankers who have to work gruelling hours.

“What we need is not a gesture from [managers], but from the firm,” one London banker told the Guardian.

Insider reached out to Goldman Sachs for comment, but did not immediately receive a response. Goldman declined to comment on the snack boxes to the Guardian.

Four days after the survey came out, CEO David Solomon said that the bank would work harder to give junior bankers Saturdays off.

He added the long and busy work hours were down to working from home and a boom in business during the pandemic.

One unnamed analyst said in the survey that “there was a point where I was not eating, showering, or doing anything else other than working from morning until after midnight.”

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