UK Gender Pay Gap 2021 Disclosure
Memorandum from Richard Gnodde, CEO of Goldman Sachs International, to Goldman Sachs Employees
04 April 2022
Today, I am sharing with you our UK gender pay gap data for 2021.
Based on a snapshot of 5 April 2021, this year’s data shows that the mean hourly pay gap at Goldman Sachs International (GSI) is 51.3 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.
The gender pay gap number does 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. This will continue to be sensitive to attrition, transfers (in and out of the region) and new hires.
In my capacity as chief executive officer of Goldman Sachs International and co-chair of the EMEA Inclusion and Diversity Committee (EIDC), I assure you that while progress may at times seem slow, our diversity and inclusion agenda remains front and centre of all decision making at the firm. I have no doubt that the actions we are taking today to support the hiring, retention and development of women will drive growth for our clients, communities and people in the years to come. But progress takes time.
Some of the notable achievements from this past year include the majority of our 2021 campus analyst class being women, continuing our record of surpassing our aspirational goals. We also continue to exceed 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.
We recognise that there is still more to do. I look forward to continuing this important work with you all 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 2021 (pay) and in the 12-month reference period to 5 April 2021 (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 2021 Goldman Sachs UK Gender Pay Gap calculations in the above report.
- Brigit Simler