On Monday, Goldman Sachs announced that it will pay hundreds of millions of dollars to thousands of female employees in order to settle a gender discrimination lawsuit, in addition to changing some of its practices. The case was filed in 2010 and became a class-action suit in 2018 covering women who held associate or vice president titles. Plaintiffs accused Goldman Sachs of favoring men in its performance reviews, which barred women at the company from equitable career advancement opportunities and promotions with pay raises. This settlement will avoid the trial that was set for this upcoming June, and Goldman Sachs has spoken recently about its efforts to improve diversity within the firm's workforce. However, part of the settlement requires the company to also hire independent experts to analyze its performance review process and pay-equity.
See " Goldman Sachs to pay large settlement to female employees who claimed gender-based pay inequity and lack of career advancement opportunities", Michael J. de la Merced, New York Times, May 9, 2023