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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