May 25, 2023
Goldman Sachs Talent Head Says More Work Needed on Diversity
(Bloomberg) -- Goldman Sachs Group Inc.’s chief diversity officer and global head of talent said the Wall Street giant will keep pushing after making progress in the hiring and retention of Black workers in recent years.
“The only way that we can hit our bottom line and create revenue streams that are going to be impactful to our shareholders is to have diversity of background across every level of the firm,” Megan Hogan said Thursday on Bloomberg TV. “Advancing diversity, equity and inclusion is a core business imperative and should be for many companies.”
The company on Wednesday said 3.7% of its senior officials and managers were Black as of November 2022, up from 2.9% in November 2021. Its total number of Black employees rose overall during the period, to 2,143 from 1,649.
“We have much more work that needs to be done, and that’s why we’re so focused on cultivating a pipeline from our most junior ranks,” Hogan said. “But we have definitely seen progress in our most recent promotion class.”
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She said the bank is focused on retention as well as hiring. Some of its younger Black partners, including Darren Dixon and Margaret Anadu, have departed in recent years. Black employees on Wall Street in recent years have opened up about feeling singled out at work, and the toll that takes on their mental health and careers.
“We are not just thinking about recruiting, but thinking about how we can make sure that we’re sponsoring people so that we see them in the more executive ranks,” Hogan said.
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