UK Gender Pay Gap 2023 Disclosure

Memorandum from Richard Gnodde, CEO of Goldman Sachs International, to Goldman Sachs Employees
 

04 April 2024

Today, we published our annual UK gender pay gap disclosure for Goldman Sachs International (GSI), Goldman Sachs (UK) SVC Limited (GSUL), and Goldman Sachs Asset Management International (GSAMI).

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. It is important to note that the UK gender pay gap is different to equal pay. Equal pay is paying women and men performing similar roles in a similar way the same – this is what we do.

Based on a snapshot of 5 April 2023, the mean hourly pay gap at our UK entities is 54.0 percent, 18.2 percent and 54.1 percent respectively, which is based on the total number of men versus women across all levels. As a result, the data reflects the lower representation of women relative to men particularly at the senior level. As David shared in his audio message to the firm, this is something we are extremely focused on – despite gains in a number of areas, we realise we need to do more to accelerate positive change.

We have teams throughout the business working on this, and while significant improvements to our UK gender pay gap will take time, we will stay focused to drive meaningful progress towards our global aspirational goals.

Our leadership pipeline is discussed at EMEA Inclusion and Diversity Committee (EIDC) meetings, and we continue to focus on our talent development, retention and advancement initiatives. You can read more about the initiatives teams are driving throughout the firm in the People Strategy Report, and review the firm’s Pay Equity Statement on gs.com.

We will continue to provide transparency on our progress – and thank you to everyone working to advance this.

Richard

 

Charts

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 2023 (pay) and in the 12-month reference period to 5 April 2023 (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 2023 Goldman Sachs UK Gender Pay Gap calculations in the above report.

- Ruth Smithson