UK Gender Pay Gap 2020 Disclosure
Memorandum from Richard Gnodde, CEO of Goldman Sachs International, to Goldman Sachs Employees
09 April 2021
Today, I am sharing with you our UK gender pay gap data for 2020, our fourth annual disclosure. This year’s pay gap figures continue to demonstrate the need to maintain our focus on inclusion at the firm.
Based on a snapshot of 5 April 2020, this year’s data shows that the mean hourly pay gap at Goldman Sachs International (GSI) is 51.8 percent, while at Goldman Sachs (UK) SVC Limited (GSUL) it is 18.6 percent. 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.
These numbers do not measure whether we pay our people equally for equal work. We do. Rather, the gap reflects an ongoing imbalance in gender representation at our most senior levels. In my capacity as chief executive officer of Goldman Sachs International and co-chair of the EMEA Inclusion and Diversity Committee (EIDC), I would like to assure all of you that this issue remains a critical priority for the firm. The EIDC meets on a monthly basis and as a leadership team we spend a significant amount of time digging into our people data and holding our businesses accountable for moving the needle. It is working, but it takes time.
Notable achievements from this past year include the majority of our 2020 campus analyst class being women for the first time, surpassing our aspirational goals set the year prior. At the senior levels, our 2019 managing director class represented our most diverse to date with 39 percent diverse, including 29 percent women. Furthermore, we have reached our UK Women in Finance Charter commitment of 30 percent women in UK senior roles ahead of the 2023 target. This is an important contribution to the firmwide goal of 40 percent women representation across our vice president population by 2025.
As we reflect upon the events of what has been an undeniably challenging year for all, we must take forward the lessons of inclusion, equity and allyship that have seen us grow stronger as a firm and a community. I look forward to working with you all as we continue to foster an environment of inclusion and work towards the goals we have set ourselves.
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 2020 (pay) and in the 12 month reference period to 5 April 2020 (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 2020 Goldman Sachs UK Gender Pay Gap calculations in the above report.
- Brigit Simler