Three women, who were formerly employed by Goldman Sachs, have brought a lawsuit against the investment bank claiming gender discrimination in its hiring, compensation, and promotion practices.
According to the suit filed in Manhattan Federal Court, Goldman Sachs "systematically discriminates" against its female employees. The plaintiffs cite statistics that confirm the lack of women in management positions. For example, women make up only 29 percent of Goldman Sachs' vice presidents, 17 percent of managing directors, and 14 percent of its partners. In the last decade, Wall Street firms have seen a steady increase in gender discrimination lawsuits.
Other companies who have recently found themselves in court defending against gender discrimination lawsuits have been Bank of America, Merrill Lynch, and Morgan Stanley. In 2004, Morgan Stanley settled a sexual discrimination lawsuit for $54 million.
Addtional information regarding these claims can be found here.