2019 Goldman Sachs UK Gender Pay Gap Report
Memorandum from Richard Gnodde, CEO of Goldman Sachs International, to Goldman Sachs Employees
27 March 2020
Today I am sharing with you our UK gender pay gap data for 2019. This year’s results are similar to the numbers we’ve reported in prior years.
The UK government announced on Tuesday, 24 March, that due to the ongoing Coronavirus outbreak, the enforcement of the gender pay gap deadline for this reporting year is suspended. However, we feel it is important to continue to share our data in the interest of both transparency and of our commitment to driving gender diversity in the workplace.
The data, based on the snapshot date of 5 April 2019, shows that the mean hourly pay gap at Goldman Sachs International (GSI) is 53.2%, while at Goldman Sachs (UK) SVC Limited (GSUL) it is 17.8%. These numbers are calculated based on an average of what we pay all men and women at our firm in the UK, regardless of their role, seniority or performance. The gender pay gap number does not measure whether we pay our people equally for equal work – we do. Instead, the numbers continue to demonstrate that the representation of women at the most senior levels is disproportionate to that of men. This will continue to be sensitive to attrition, transfers (in and out of the region) and new hires.
Whilst we expect these numbers will only change slowly over time, we continue to be acutely focused on diversity and intent on having practices that create an even stronger culture of inclusion for all of our people.
Retention and progression of our talent continues to be crucial, and has been an ongoing focus for our EMEA Inclusion and Diversity Committee (IDC). I am encouraged by the tangible progress that has been made, for instance seeing 29% women promoted in the Managing Director Class of 2019 and the launch of new policies such as pathways to parenthood and equal parenting leave. I am also pleased with the progress we have made in our first year as a signatory of the UK Women in Finance Charter and am confident that, based on our current recruitment and retention modelling, we will meet our Charter goal well before the 2023 deadline. Expanding our source of diverse talent will be an ongoing focus, along with retention and progression, and we will continue to hold business heads accountable for their processes and outcomes.
The EMEA Diversity and Inclusion 2019 Report outlines the deliberate activity we will continue to drive forward in partnership with you.
I recognise that we still have more work to do. I look forward to another year of continued focus and progress on this important topic for our business, and sharing further updates with you in due course.
Hourly Pay and Bonus Pay
The information below shows our mean and median gender pay gap and bonus gap for our two UK group entities Goldman Sachs International (GSI) and Goldman Sachs (UK) SVC. Limited (GSUL) as at the snapshot date (i.e. 5 April 2019 (pay) and in the 12 month reference period to 5 April 2019 (bonus)).
Proportion Receiving a Bonus
This chart shows proportion receiving a bonus by gender.
The proportion of women and men at each hourly pay quartile
The information below shows gender distribution across the UK entities across four equally-sized quartiles. The quartiles demonstrate the fact that we have a higher proportion of women than men in more junior roles and a higher number of men than women in senior and management roles.
I confirm the accuracy of the 2019 Goldman Sachs UK Gender Pay Gap calculations in the above report.
- Sally Boyle
EMEA Diversity and Inclusion 2019 Report
Our commitment to creating and sustaining a diverse work environment is absolute. Read about our priorities in the region.