Goldman Sachs to Pay $215 Million to Settle Gender Bias Suit
Summary
Goldman Sachs said on Monday that it would pay $215 million to settle a lawsuit that accused the bank of systematically discriminating against thousands of female employees. Still, the settlement is the latest effort to make Wall Street address what critics say are years of unequal and unfair treatment of female workers. The lawsuit accused Goldman of hindering women’s career advancement and paying them less than their male colleagues. It took particular aim at the firm’s performance review process, which they said favored men, setting them up for promotions and higher pay. Filed in 2010 by three former employees, the suit was granted class-action status in 2018 and covers women who held associate or vice president titles in Goldman’s investment banking, investment management and securities divisions.