Huge payout by Goldman Sachs as the result of discrimination

Goldman Sachs will pay the equivalent of almost £170 million to settle a class action lawsuit over alleged widespread bias against women in pay and promotions, ending one of the highest-profile lawsuits claiming unequal treatment of women on Wall Street. The £170 million pay-out covers around 2,887 current and former female vice presidents and associates who worked in investment banking, investment management and securities and has averted a trial that was scheduled to begin in June in the nearly 13-year-old case.

Each claimant could be in line to receive an average of about $47,000 (£37,386) after deducting legal fees and costs.

In 2020, the bank said it aimed for 40% of vice presidents to be women within five years. 29% of its current partners and managing directors are women.

According to PEW Research Centre data, more than 42% of women have experienced discrimination based on gender at work, whilst the same amount believes they have been refused a job for this reason.

121 HR Solutions can provide support to evaluate parity of pay and benefits, and can be contacted on enquiries@121hrsolutions.co.uk.

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