The American investment bank Goldman Sachs has reached a settlement of 215 million dollars (196 million euros) in a long-running lawsuit about the unequal pay of men and women. No less than 2,800 female employees had filed a case for systematic underpayment.
A discrimination complaint filed by bond trader Cristina Chen-Oster sparked the case in 2005. A legal suit continued in 2020. Gradually, more and more female employees joined.
Chen-Oster and her colleagues accused Goldman Sachs of systematically paying men more than women for the same position. Women would also have much less chance of promotion, because the person who decides on this is usually also a man.
Goldman Sachs promises to get better. The bank writes together with the women’s lawyers that someone will be appointed to analyze the promotion opportunities and assessment processes.
The amount will be divided among the 2,800 women, although a third of it will go to the lawyers involved.
Goldman Sachs and other major Wall Street banks have been promising to diversify their workforce and management for years. Only 29 percent of Goldman Sachs employees who are eligible to call themselves partners are women. That is the highest percentage in the history of the company.
2023-05-09 09:54:08
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