UK Gender Pay Gap 2022 Disclosure
Memorandum from Richard Gnodde, CEO of Goldman Sachs International, to Goldman Sachs Employees
04 April 2023
Today, I am sharing with you our 2022 data for our annual disclosure on the UK gender pay gap.
Based on a snapshot of 5 April 2022, this year’s data shows that the mean hourly pay gap at Goldman Sachs International (GSI) is 53.2 percent, at Goldman Sachs (UK) SVC Limited (GSUL) it is 16.0 percent, and at Goldman Sachs Asset Management International (GSAMI) it is 51.3 percent. GSAMI is reporting for the first time this year due to entity restructuring and growth. These numbers are calculated based on an average of what we pay all men and women at our firm in the UK, regardless of role, seniority or performance.
The UK gender pay gap is different to equal pay. The gender pay gap does not adjust for factors such as seniority, part time working, or role type. Equal pay, on the other hand, is the practice of paying men and women performing similar roles in a similar way – which is what we do at Goldman Sachs.
What these numbers do reflect, however, is the underrepresentation of women at our most senior levels. In my capacity as chief executive officer of GSI and co-chair of the EMEA Inclusion and Diversity Committee (EIDC), I assure you that we are intent on changing this, but of course it takes time. I am confident that our deliberate focus on the hiring, retention and development of our women talent at all levels will result in continued progress in the years to come.
We hold ourselves accountable to our gender diversity commitments via our global aspirational goals, and we continue to exceed our UK Women in Finance Charter commitment of 30 percent women in UK senior roles. We have also seen significant increases in client engagements on diversity, equity and inclusion. And internally, we have established a number of business segment specific Inclusion and Diversity Committees (IDC), to drive broader ownership and accountability, and remain committed to supporting our diverse talent development initiatives.
I look forward to working with all of you in further advancing these efforts and, over time, driving positive change.
Hourly Pay and Bonus Pay
The information below shows our mean and median gender pay gap and bonus gap for our three UK group entities Goldman Sachs International (GSI), Goldman Sachs (UK) SVC. Limited (GSUL) and Goldman Sachs Asset Management International (GSAMI) as at the snapshot date (i.e. 5 April 2022 (pay) and in the 12-month reference period to 5 April 2022 (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 2022 Goldman Sachs UK Gender Pay Gap calculations in the above report.
- Katharina Koenig