The US investment bank has only 13 women in its partnership pool, but another 13 will join them from November 25 after the bank invited 114 of its managing directors to join the elite group of 322. The newly promoted women include heavy-hitters Karen Cook, head of UK corporate finance, and Antigone Loudiadis, head of debt derivatives marketing in Europe.
The move followed concern among senior Goldman bankers that the bank was not reflecting developments in modern society. John Thornton, chief operating officer of the bank, told the Financial News in July: 'The conventional view is that women cannot get right to the top because of the hours, and the conflicts with family life. That's a cop-out. I don't buy that view. What we want here is value-added input and output, and intellectual content. That does not mean working through the night.'
With women accounting for around 40% of the bank's workforce, Goldman has been under pressure to promote more of them. But it still has a long way to go since only 8% of the 322 managing directors in the partnership pool are women.
Goldman has only slightly increased the proportion of women at managing director level. Of the 202 appointments, only 13% are women, compared with around one in 10 of the existing 700 managing directors. But Goldman has made other efforts to improve the diversity of its managing directors. Some 44% of the new appointments are non-US citizens, in comparison with 27% of the others.