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Goldman Sued by Women Claiming Gender Bias

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golden sachs bias gender lawsuitNEW YORK (Reuters) - Goldman Sachs Group Inc was hit with a gender bias lawsuit by three women who said Wall Street's most profitable bank maintains an "outdated corporate culture" that systematically deprives women of pay and promotions available to men.

The plaintiffs are seeking class-action status on behalf of women who have worked as Goldman managing directors, vice presidents and associates in the last six years. It seeks punitive and other damages, and an end to gender bias at Goldman.

The lawsuit, filed Wednesday in Manhattan federal court, contends that Goldman managers have unfettered discretion to assign accounts and responsibilities, and decide who gets administrative support and training.

This has resulted in "unchecked gender bias," the lawsuit said, that causes women to be underrepresented in management, at just 14 percent of partners, 17 percent of managing directors and 29 percent of vice presidents.

The policies "are part and parcel of an outdated corporate culture," the complaint said. "Goldman Sachs has intentionally implemented these company-wide policies and practices in order to pay their male employees more money than their female counterparts, and to promote them more frequently."

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By Grant McCool and Jonathan Stempel

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HCX Facts

Growth in women's share of science, technology, engineering and mathematics (STEM) occupations declined to 27% in 2011from a high of 34% in 1990. While women make up nearly half of the workforce, they were 26% of the STEM workforce in 2011.

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