Wednesday, June 28, 2023
Goldman Sachs to Pay $215 Million to Settle Gender Bias Suit of Hindering Women's Career Advancement and Paying Them Less Than Male Colleagues
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. The money will be divided among about 2,800 women, and the bank agreed to change some of its practices.
The individual payout amount itself is less than it might appear: Subtracting legal fees, it comes to roughly $47,000 per plaintiff. 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.