People and Culture

Our people are our greatest asset – we say it often and with good reason. It is only with the determination and dedication of our people that we can serve our clients, generate long-term value for our shareholders and contribute to the broader public.

At the crux of our efforts is a focus on cultivating and sustaining a diverse work environment and workforce, which is critical to meeting the unique needs of our diverse client base and the communities in which we operate.

At every step of our employees’ careers we invest in them, and ensure their interests remain focused on the long term and closely aligned with those of our clients and shareholders. Our goals are to maximize individual potential, increase commercial effectiveness, reinforce the firm’s culture, expand our people’s professional opportunities, and help them contribute positively to their greater communities.

 

Our People

Diversity and Inclusion

Our Commitment

Our commitment to creating and sustaining a diverse work environment is absolute. We share our reasons for this commitment and our aspirations:

For the Firm

We strive for excellence. To achieve it, we must have the best people, and the best people are drawn from the broadest pool of applicants. The people we need can be found only by looking across the full spectrum of race, color, religion, creed, sex, age, national origin, citizenship status, disability, qualified veteran status, genetic information, marital status, sexual orientation and gender identity.

For Our People

Ours is a culture of teamwork. For our groups to excel, all members must feel that they are operating in an inclusive environment that welcomes and supports differences, and that encourages input from all perspectives. Our people have the right to expect a workplace in which the richness of their lives and experience is welcomed and valued by their team and by the firm.

For Our Clients

Their interests always come first. To continue providing our clients with creative ideas and solutions for operating effectively in a complex global economy, we must be fully capable of dealing with different cultures in an informed and nuanced manner. Experience has shown us that we can best serve our clients’ interests by tapping the insights, talents and judgments of a diverse workforce.

Fostering Inclusion

Diversity and Inclusion at Goldman Sachs

Sustaining a work environment where our people feel comfortable bringing their full selves to work and are empowered to reach their full potential continues to be a priority. As a firm, we believe that having the best team positions us to meet the needs of our clients – and to have the best team, our people must bring a range of perspectives to the table and reflect the diversity of the communities where we live and work.

Over the years, the firm’s diversity efforts have evolved from raising broader awareness and delivering an array of programs to a more deliberate, data-driven and targeted approach. We have made some progress, but we have significant work to do. To drive progress for our firm towards our aspirational goals, we have a range of initiatives in place to increase diverse representation at all levels and foster inclusion, including:

Recruiting the best, most diverse talent

We continue to search for talent in new places and in new ways, from leveraging technology (e.g., HireVue video interviews and Virtual Insight Webinar Series for students to learn about financial services and to prepare for interviews) engaging with a broader range of candidates and offering early-pipeline programs designed to engage and attract people who may not otherwise look to pursue a career in financial services (e.g., Africa Recruiting Initiative, Diverse Abilities) – to partnering with numerous external organizations to help us improve our diversity recruiting efforts. Established programs like our Veterans Integration Program and the Returnship® program, now celebrating its 10th anniversary, are also examples of initiatives that have become a practice adopted across many industries.

Contributing to an inclusive environment

Attracting and hiring diverse talent is essential, but it is only one component of our approach. We offer a number of programs designed to help our people contribute to an inclusive environment, including learning opportunities such as Blindspot: Hidden Biases of Good People, a program that helps our vice presidents and above explore unconscious thinking and its impact on decision-making, and Subtle & Significant, which explores how everyday actions can send “micro-messages” and reinforce, or erode, meritocracy in the workplace.

Focusing on retention

Programs such as our Black Analyst and Associate Initiative, the Hispanic/Latino Analyst Initiative and the Women’s Career Strategies Initiative are examples of the firm’s efforts to support the advancement and retention of diverse talent. Diversity committees and governance councils exist in every region to help ensure top-down support of our efforts while also driving accountability for important people processes and decisions.

Employee Affinity Networks

Employee affinity networks and interest forums, which are open to all professionals at Goldman Sachs, develop programs that support our firm’s diversity and inclusion strategy.

They offer training and educational programs, create networking forums, host leadership conferences, and sponsor client events. We have developed and support over 80 affinity networks and interest forums globally, including the following:

  • Asian Professionals Network
  • Disability Interest Forum
  • Firmwide Black Network
  • Firmwide Hispanic/Latino Network
  • Informal Religious Support Groups
  • Lesbian, Gay, Bisexual and Transgender (LGBT) Network
  • Veterans Network
  • Women’s Network
  • Working Parent Forum

These groups provide an opportunity for our people to share concerns and feedback, and to develop professional relationships with those from other business units and divisions. Additionally, they help our people to identify opportunities for professional development and advancement to help them achieve their full potential.

Diversity Awards

Read About Diversity Awards

 

Our Aspirations

 

Gender Pay Gap Report

As a global firm, the advancement of women in the workplace is top of mind for us.  We have made progress over the years. Yet we have significant work to do.

2018 Goldman Sachs UK Gender Pay Gap Report 

2017 Goldman Sachs UK Gender Pay Gap Report  

 

UK Women in Finance Charter

As a global firm, the advancement of women in the workplace is top of mind for us. We have made progress over the years. Yet we have significant work to do. As one of the initial steps toward our goals, in 2018 Goldman Sachs signed the UK Women in Finance Charter, holding our firm accountable to ensuring that women represent at least 30 percent of our senior talent (vice president and above) by 2023.

We are focused on increasing the representation of women at senior levels as this is where the real imbalance lies. It requires attention at the earliest stages of recruitment to attract more women to financial services roles. Yet we are committed to promoting diversity and inclusion at all levels of the firm. It is critical that we recruit and retain a diverse group of people who bring a broad range of experiences, capabilities and perspectives to our organization.

Although progress is being made, we acknowledge that more needs to be done. In our last global partner class, we had our highest ever proportion of women promotes, but it is not enough. We hold ourselves accountable for creating a working environment in which all individuals can achieve their full potential and progress to the most senior levels of the firm.

Our participation in the UK Women in Finance Charter is one part of this commitment.
 

 

When Women Lead

When Women Lead

Goldman Sachs believes when women lead, everything changes. In today’s world, gender equality is an economic imperative and supporting women’s economic empowerment and leadership opportunities will drive growth for our clients, our communities, our people, and our shareholders.

Business Principles

Our clients’ interests always come first.

Our experience shows that if we serve our clients well, our own success will follow.

Our assets are our people, capital and reputation.

If any of these is ever diminished, the last is the most difficult to restore. We are dedicated to complying fully with the letter and spirit of the laws, rules and ethical principles that govern us. Our continued success depends upon unswerving adherence to this standard.

Our goal is to provide superior returns to our shareholders.

Profitability is critical to achieving superior returns, building our capital, and attracting and keeping our best people. Significant employee stock ownership aligns the interests of our employees and our shareholders.

We take great pride in the professional quality of our work.

We have an uncompromising determination to achieve excellence in everything we undertake. Though we may be involved in a wide variety and heavy volume of activity, we would, if it came to a choice, rather be best than biggest.

We stress creativity and imagination in everything we do.

While recognizing that the old way may still be the best way, we constantly strive to find a better solution to a client’s problems. We pride ourselves on having pioneered many of the practices and techniques that have become standard in the industry.

We make an unusual effort to identify and recruit the very best person for every job.

Although our activities are measured in billions of dollars, we select our people one by one. In a service business, we know that without the best people, we cannot be the best firm

We offer our people the opportunity to move ahead more rapidly than is possible at most other places.

Advancement depends on merit and we have yet to find the limits to the responsibility our best people are able to assume. For us to be successful, our men and women must reflect the diversity of the communities and cultures in which we operate. That means we must attract, retain and motivate people from many backgrounds and perspectives. Being diverse is not optional; it is what we must be.

We stress teamwork in everything we do.

While individual creativity is always encouraged, we have found that team effort often produces the best results. We have no room for those who put their personal interests ahead of the interests of the firm and its clients.

The dedication of our people to the firm and the intense effort they give their jobs are greater than one finds in most other organizations.

We think that this is an important part of our success.

We consider our size an asset that we try hard to preserve.

We want to be big enough to undertake the largest project that any of our clients could contemplate, yet small enough to maintain the loyalty, the intimacy and the esprit de corps that we all treasure and that contribute greatly to our success.

We constantly strive to anticipate the rapidly changing needs of our clients and to develop new services to meet those needs.

We know that the world of finance will not stand still and that complacency can lead to extinction.

We regularly receive confidential information as part of our normal client relationships.

To breach a confidence or to use confidential information improperly or carelessly would be unthinkable.

Our business is highly competitive, and we aggressively seek to expand our client relationships.

However, we must always be fair competitors and must never denigrate other firms.

Integrity and honesty are at the heart of our business.

We expect our people to maintain high ethical standards in everything they do, both in their work for the firm and in their personal lives.

Business Standards

Business Standards Committee Report

We created our Business Standards Committee in 2010 to conduct an extensive review of our business standards and practices. This eight-month review encompassed every major business, region and activity of the firm. READ MORE

Business Standards Committee Impact Report

In May 2010, we created our Business Standards Committee (BSC) to conduct an extensive review of our business standards and practices. After reviewing every major business, region and activity of the firm, the BSC published a report in January 2011 that included 39 recommendations. In May 2013, the Business Standards Committee released the BSC Impact Report to explain the changes it made and how they impacted the firm.  Click to view the report. READ MORE

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