Goldman Sachs’s investment banking unit ramps up hiring of African Americans, targets wider racial inclusion in management

According to a memo,the investment bank unit of Goldman Sachs Group Inc has formed a new group to increase the recruitment of Black employees and improve career development and retention among existing Black employees.

Nicole Sharp, Goldman’s spokeswoman, vetted the veracity of the contents of the internal memo saying the new group will work on honing and improving diversity targets set in 2019 – especially for the investment bank.

The newly formed group, Advancement of Racial Equity, will also develop and provide division-wide education and training so as to avoid bias and improve management in order to promote and actively cultivate wider racial inclusion in the bank’s leadership.

The investment banking division co-heads Gregg Lemkau and Dan Dees will meet with the group bi-weekly and aim to have “specific recommendations for tangible actions ready by this fall,” according to the memo, signed by Lemkau and Dees.

“Our divisional efforts are focused on increasing the representation of Black talent and training programs around people management and avoiding bias,” reads the memo.

The development comes in the wake of widespread racial tension in the United States following the killing of George Floyd in May.

In 2019, Goldman had set a hiring target of 11% for all new analysts and entry-level associates hired in the U.S. and 9% hired in the U.K. be Black professionals. Goldman also aimed for 14% to be Latinos and half to be women.

It has also begun requiring that at least two diverse candidates be interviewed for any job opening for senior positions. Management’s pay decisions would include scrutiny of whether these targets were met, said Goldman.

Categories: Creativity, Entrepreneurship, HR & Organization, Strategy, Sustainability

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