Goldman Sachs Drops Black Bankers Hiring Target for London Office

Goldman Sachs, the renowned global investment bank, has recently made headlines by dropping its specific hiring target for black bankers in its London office. This decision, announced in 2019, has raised questions about the firm's commitment to racial equity and diversity within its UK workforce. However, a closer examination of the context and the firm's broader diversity and inclusion efforts reveals a more nuanced picture.

In 2019, Goldman Sachs expanded its hiring targets to include all analysts and entry-level associates, a combined group representing more than 70% of the firm's annual hiring. This broader approach might have led to the removal of specific targets for black bankers in London, as the firm aimed to focus on overall diversity across various dimensions (e.g., race, gender, sexual orientation, socioeconomic status, disability status, military service).

| Region | Black Professionals Target |
| --- | --- |
| Americas | 11% |
| UK | 9% |
| Global | 10% |

Despite dropping the specific hiring target for black bankers in London, Goldman Sachs' global diversity and inclusion efforts remain aligned with their commitment to building and supporting a diverse and inclusive workforce. The firm continues to:

* Seek innovative ways to implement recruitment and retention practices that help close gaps in its workforce across various dimensions.
* Leverage technology and engage new media to identify talent and create pipeline programs designed to attract people who might not otherwise look to pursue a career in financial services.
* Develop diversity-based affinity networks and interest forums globally to provide opportunities for its people to share their distinct experiences, offer feedback to the firm, and deepen professional relationships across business units and divisions.

These efforts demonstrate Goldman Sachs' ongoing commitment to fostering an inclusive environment that welcomes and supports differences and encourages input from all perspectives, ultimately serving its clients and shareholders better by tapping the rich insights, talents, and judgments of a diverse workforce.

The decision by Goldman Sachs to expand its hiring targets and initiatives aimed at increasing diversity and inclusion has broader implications for the financial services industry both in the UK and globally. By setting new standards, attracting and retaining top talent, fostering an inclusive culture, and enhancing client engagement, other firms may be encouraged to adopt similar approaches, ultimately leading to a more diverse and inclusive industry.

In conclusion, while Goldman Sachs' decision to drop its specific hiring target for black bankers in its London office may initially seem like a step backward in its commitment to racial equity and diversity, a closer examination reveals a more complex picture. The firm's broader diversity and inclusion efforts, as well as the implications of this decision on the financial services industry, demonstrate a continued dedication to fostering an inclusive work environment that reflects the diversity of the communities where it operates.