Goldman Sachs CEO David Solomon is making diversity in the upper levels of the firm a top priority, holding management responsible for those efforts.
Solomon has set new hiring goals among its analysts and entry-level associates, which account for 70% of all the firm’s hiring. The bank is now pushing to hire 50% women globally, 14% Hispanic/Latino and 11% black in the Americas and 9% black in the U.K.
Solomon wrote that “with focus and persistence, we plan to improve each year.” The bank is also finding ways to increase representation of the LGBT, disabled and veterans.
Currently one of the biggest diversity challenges has been the absence of women and minorities in the top ranks in the financial industry. Solomon is pushing for more diverse hires in senior positions especially as Goldman is preparing to appoint its next batch of managing directors this fall.
Solomon is giving the firm’s business unit heads the responsibility to make sure there is progress toward these diversity goals.
“The extent of their efforts will become an important part of what is considered as we pay and promote managers,” he wrote.
Near the end of March, Goldman and other companies in the U.K. will report gender pay gap data. The hope is that the gap can close by concentrating on diversity at all levels.