Goldman Sachs doubles diversity team to meet goals

Goldman Sachs doubles diversity team to meet goals

NEW YORK - Goldman Sachs Group Inc has doubled its diversity recruiting team and increased its budget by $10 million to meet its goals to add more women, Blacks and Latinos to its workforce, Chief Diversity Officer Megan Hogan told Reuters on Friday.

The bank has added about 25 new recruiters who are focused on hiring diverse employees since the beginning of the year, bringing the team to 50 people.

Hogan said that Goldman Sachs hired more experienced recruiters who will help advance its plans to have more women, Black and Latino vice presidents.

Hogan said it made sense to expand the team to include people who could reach a more experienced professional audience in terms of years of tenure and have more in depth conversations with them about career paths to the firm.

Wall Street banks are trying to bring more diversity into their ranks, which is mainly comprised of white men.

The bank wants to have 7% of its employees with the title vice president be Black and 9% to be Latino in the Americas, while it plans to have women accounting for 40% of the world's workforce by the year 2025.

In December, 32% of Goldman's vice presidents were women, 4% Black and 6% Latino, according to a regulatory filing.

Goldman has made some progress in diversity among the lower ranks.

In the year 2019 the bank set a goal of 11% of all new analysts and entry-level associates hired in the United States and 9% in the United Kingdom to be Black. The bank said it aimed for 14% to be Latino and half to be women.

Goldman met the targets for campus analyst hiring last year, it said. 70% of the bank's annual hirings are based on recruitment at universities.