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Goldman Sachs paid more than $12 million to partners who accused banks of misogyny

Goldman Sachs partners have received a total of $12 million from Wall Street banks for making misogynistic remarks by several executives, including CEO David Solomon, according to people familiar with the matter. It was claimed that the above settlement money was paid.

Goldman paid the longtime executive a settlement to keep the allegations confidential before she left the company in 2020.

The claims and settlement agreed two years ago were first reported by Bloomberg.

“Bloomberg reports contain factual errors and we dispute this story. We know of his long track record of creating a positive and supportive environment,” Goldman General Counsel Kathryn Ruemler said in a statement. declined to comment.

Although Mr. Solomon was not the subject of the complaint, lewd details mentioned therein included Mr. Solomon’s remarks to a colleague that he was the only person in the room who had been given oral sex the night before. were included, said a person familiar with the matter.

Most of the alleged incidents occurred in 2018 and 2019, when Solomon took over as CEO.

The accused partner declined to comment.

The revelation came at a difficult time for Solomon last month after four years in the CEO position. announced The bank’s second major restructuring comes as it struggles to close the stock market valuation gap with its peers.

Solomon also faced question He has been criticized internally for his flamboyant style, which includes high-profile DJ appearances and demands that Goldman buy two private planes.

The complaint highlights the extent to which Wall Street banks have trouble recruiting and retaining women and minority employees in an industry still dominated by white male executives. Five of the six largest banks in the US by assets have white male CEOs.

Earlier this year, former Goldman employee Jamie Fiore Higgins published a memoir of his 17 years at the bank. Alleged She suffered bullying, discrimination and manipulation.

Solomon has spoken publicly about Goldman’s attempts to diversify its workforce, announcing a string of hiring in 2019. target. Last week, the bank overpass A record number of female and black employees in its elite partner ranks.

https://www.ft.com/content/25b7aaf9-0546-4240-a316-a3118ae7640f Goldman Sachs paid more than $12 million to partners who accused banks of misogyny

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