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Women Sue Goldman Sachs For Male "Corporate Culture"

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Goldman Sachs head Lloyd Blankfein
Three former female employees are suing Goldman Sachs, saying they faced fewer opportunities and were discriminated against at the banking giant. “The violations of its female employees' rights are systemic, are based upon companywide policies and practices, and are the result of unchecked gender bias that pervades Goldman Sachs's corporate culture,” the women said Wednesday in their complaint.

Cristina Chen-Oster, a former vice president; Lisa Parisi, a former managing director; and Shanna Orlich, a former associate, are seeking class-action status on behalf of all female managing director, vice president and associate employees in the last six years. They claim that the "unchecked discretion" of the vastly male managerial staff rewards men far more than women, who are underrepresented in management, comprising just 14 percent of partners, 17 percent of managing directors and 29 percent of vice presidents.

"We believe this suit is without merit. People are critical to our business, and we make extraordinary efforts to recruit, develop and retain outstanding women professionals," said Lucas van Praag, a Goldman spokesman. In March, a former Goldman Sachs vice president sued the firm for scuttling her to the "mommy track" when she was pregnant. Last year, Goldman Sachs began a new initiative called 10,000 Women, with the goals of helping more women receive a business and management education.

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Comments [rss]

  • valeriob

    They just need to do a better job screening the loonies in their hiring process. Goldman, I can help you with this, call me.

  • JMH

    And they wouldn't hire me because I'm Jewish! Yeah, that's the ticket!

  • matty

    I've worked in all female dominated environments where there was no way in hell they would ever have promoted me because i was male. Can I sue for that? NOPE!

    Thanks, America.

  • Politburo

    Why do you think you couldn't sue?

  • John L

    Why not?

    Give it a shot.

  • ddhboy

    Well, when the majority of the staff is male, you're going to get a male corporate culture. Don't like it? Get more women to join finance. Besides, saying that ONLY 29% of the vice presidents are female without giving numbers to the percent of the workforce is female within the company doesn't really give a fair representation to whatever issue may be at hand. Like if men are 2:1 to women in the company, then 29% show in vice presidency is a pretty good representation as they would be 33% of the workforce.

  • Dogsbody

    Good point - also, not only do you have to consider how the % of women at the VP level corresponds to the % of women within the organization in general, but you also have to consider what % of the applicants to any position are women. For example, if they're looking to hire VPs, and only 10% of applicants are female, then it's reasonable that only about 10% of the VPs hired will be female.

    Now, if the workforce in general was 40% female, but only 10% of applicants putting themselves forward for promotion to VP were female, you'd have to start asking if there's anything in the culture that systematically discourages women from even applying for the VP job. But that's another issue entirely.

  • youngpro

    one is a managing director, the other a vp, and theyre claiming discrimination prevented them from climbing the ladder?

  • Dogsbody

    Without any knowledge of the hierarchy of Goldman Sachs, I don't think you can read too much into the use of terms such as "vice president" or "managing director". In some firms, people holding such grand-sounding titles are still relatively low on the ladder.

  • youngpro

    ahh, but i do know the culture, having about a dozen friends there...i know the titles can be inflated but the courts have to consider them nonetheless, or else GS faces actually admitting the titles are b.s., which could deface loyalty to them.

  • Dogsbody

    True...but also, even if we were to accept at face-value that those titles were something grand and important, it doesn't necessarily mean that the women don't have a case. For example, the woman who was "vice-president" might argue that it was unfair discrimination that prevented from rising to the higher position of "president" or whatever.

    I'm not saying I think the women DO have a case, just kinda playing devils advocate.

  • Dogsbody

    Also, I just wanted to point out that when I said "without any knowledge of Goldman Sach's heirarchy", I didn't mean you (Youngpro) in particular. I just meant none of us (or a judge) can draw draw any conclusions from the use of terms such as VP. Didn't want to sound like I was trying to be provocative/condascending :)

  • Dumb bimbo with that dumb large cross around her neck. you look as cheap as you sound. You're back on the UF list.

  • youngpro

    Remember what grandma always said:

    "tis' better to be on the UF list than to be on the illegal immigrant or deportation list."

  • Fucking racist bimbo. Don't you talk about my granny. my granny looks better than your nasty troll lumpy self

  • Not every woman can sleep to the bottom as you did.

  • youngpro

    sleep to the bottom? what kinda cliche is that?

  • Såkandulæredet

    What I hate about these suits is there are so many of them, it's tough to know if shit's actually gone down, or if someone is just trying to make a buck with a lawsuit.

  • theboneranger

    im suing my ex employer for the discriminatory FEMALE atmosphere that left me psychologically castrated. see: office space

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