Goldman Sachs announced it is expanding its year-old program to add more diverse employees to the company worldwide, according to an article from CNBC.
CNBC’s Hugh Son reports the big bank says that half of its new analysts and entry-level associates must be women. The bank also, for the first time, issued goals for it to meet in hiring black and Latino employees.
From the article:
The firm has set "aspirational goals" of having half of all new analysts and entry-level associates hired in the U.S. be women, 11 percent black, and 14 percent Latino, according to a staff memo sent Monday. The firm set a lower goal for black hires in the U.K., where it is seeking 9 percent level.
By increasing the ranks of women and minorities at entry-level positions — analysts and associates are the two most junior job titles in Wall Street's hierarchy — Goldman is hoping to improve diversity across the firm over time. More than 70 percent of new hires are at the analyst and associate level, the bank said.
Goldman, like Wall Street overall, is dominated by white males, particularly at senior levels. About 60 percent of the bank's U.S. employees are white, while 38 percent are female, 5.4 percent are black and 8.5 percent Latino, according to the firm's most recent disclosure. When it comes to top managers, 80 percent are white, 22 percent are female, 2.9 percent are black and 4.3 percent are Latino.
According to CNBC’s reporting, the memo sent to staff on Monday outlines some very ambitious goals for the bank, but they are not unattainable, according to the bank’s senior leaders. According to the article, CEO David Solomon and two deputies said in the memo that the targets "are aspirational, we have access to an incredible talent pool and believe they can be achieved.”
According to the memo, the bank is also looking at new ways to further representation of LGBT, disabled and veterans communities across the company’s workforce.