US investment bank: Goldman Sachs no longer provides diversity data for partner promotions

New York. US investment bank Goldman Sachs has announced the appointment of 109 new partners, but for the first time in years it has refrained from publishing demographic data. Despite the lack of breakdown, the bank continues to view the diversity of its workforce as critical to business success, a manager said Thursday. In the future, more than 100 of the approximately 500 partners would be female.

In the previous round of appointments in 2024, Goldman Sachs announced in detail that 27 percent of the 95 new partners at the time were women. In addition, six percent of those promoted were of Hispanic origin and four percent were black.

The manager justified the waiver of the breakdown with the changed legal environment. Following President Donald Trump's re-election in 2024, many US companies have scaled back their diversity, equity and inclusion (DEI) programs.

Trump had launched a campaign against such initiatives, saying they were discriminatory against white and male employees. The current round of promotions at Goldman Sachs is the largest since 2010. The appointments are effective January 1.

The financial institution had already removed a complete section on the topic of diversity from its annual report last year. The fact that Goldman is now omitting further information has met with criticism.

“It is unfortunate that one of the largest and most influential banks in the world is afraid to publish demographic data,” said Mayra Rodriguez Valladares of consulting firm MRV Associates. Managers should not only release figures when it is politically expedient.

The partnership at Goldman Sachs is a holdover from the time before the IPO in 1999 and is considered highly desirable on Wall Street. 85 percent of the new partners work in high-turnover areas such as global banking and capital markets business as well as asset management.