Goldman Sachs on Friday reported its gender pay gap data in the UK in accordance with the law requiring most employers to do so by next month. According to Reuters, the bank reported a mean gender pay gap of 55.5 percent at its international business, with a bonus gap for that unit of 72.2 percent. The company’s data showed that within the international unit, 83 percent of those earning the highest hourly pay were men, while 62.4 percent of those earning the lowest hourly pay were women.
The median gaps were smaller than the mean, the BBC adds, coming in at 36.4 percent for hourly pay and 67.7 percent for bonuses. Goldman Sachs UK, a smaller unit that employs people in non-revenue positions, reported much smaller, though still significant, mean gaps of 16.1 percent in hourly pay and 32.5 percent in bonus pay. As other banks have reported, the disparity in bonuses widens the overall gender pay gap significantly and reflects the underrepresentation of women in senior roles with greater bonus potential.
Perhaps in anticipation of this disclosure, Goldman announced a plan last week to improve its gender balance. In a memo, Chief Executive Officer Lloyd Blankfein and President David Solomon stressed that men and women at the company are paid equally for equal work, but acknowledged that women are underrepresented, particularly in senior roles. The bank’s leaders declared a long-term goal of having women make up exactly half of the company’s workforce, Bloomberg reported on Thursday. They did not set a timeline for this ambitious goal, but as a first step, will ensure a 50/50 gender split in each class of fresh graduates Goldman hires by 2021: