GOLDMAN, SACHS & CO.
CHIEF DIVERSITY OFFICER
85 Broad Street
New York, NY 10004
Phone: (212) 902–1000
Fax: (212) 902–3000
www.gs.com/careers
Edith Hunt
Managing Director
CAMPUS RECRUITMENT
LOCATIONS
Atlanta, GA • Boston, MA • Chicago, IL •
Dallas, TX • Houston, TX • Jersey City,
NJ • Los Angeles, CA • Miami, FL • New
York, NY • Philadelphia, PA • Portland,
ME • Princeton, NJ • St. Petersburg, FL •
Salt Lake City, UT • San Francisco, CA •
Seattle, WA • Tampa, FL • Washington,
DC • West Palm Beach, FL
Maribel Ledezma-Williams
Diversity Recruiter
Ann-Marie Yearwood
Diversity Recruiter
Auckland • Bangalore • Bangkok •
Beijing • Bermuda • Buenos Aires •
Calgary • Cayman Islands • Doha •
Dubai • Dublin • Frankfurt • Geneva •
Hong Kong • Johannesburg • London •
Madrid • Mexico City • Milan • Monaco •
Moscow • Mumbai • Paris • São Paulo •
Seoul • Shanghai • Singapore •
Stockholm • Sydney • Taipei • Tel Aviv •
Tokyo • Toronto • Zurich
THE STATS
Total in the U.S.
2008
2007
Total outside the U.S.
2008
2007
Total worldwide
2008
2007
Number of employees
30,067
30,522
Revenue (millions)
$22,222
$45,987
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STRATEGIC PLAN AND DIVERSITY LEADERSHIP
Who has primary responsibility for leading diversity initiatives at your firm?
Edith Hunt, managing director.
Does your firm currently have a diversity committee?
Yes. In 1990, Goldman Sachs formed the firmwide diversity committee (FDC) to
support and promote an inclusive work environment that recruits, retains, develops
and rewards the best and brightest individuals and successfully supports a diverse
workforce. Today, the FDC is led by our Chairman and CEO Lloyd Blankfein. It
consists of members of the firm’s management committee and other senior leaders.
The FDC meets on a quarterly basis. In addition, we also have regional diversity
committees focusing on their particular regions in the Americas, Europe and Asia.
Does the committee’s representation include one or more members of the
firm’s management/executive committee (or the equivalent)?
Yes.
How many executives are on the committee?
Twenty.
Does the committee and/or diversity leader establish and set goals or
objectives consistent with management’s priorities?
Yes. One of the firmwide diversity committee’s (FDC) goals is to continue to promote an
environment of mutual respect, cooperation and professionalism, and foster the teamwork
essential to the firm’s commitment to excellence. One of our most successful tools in
driving our diversity initiatives throughout the firm has been the commitment and
involvement of senior management. The FDC is not only accountable for diversity
activities throughout the firm, but it is also a body that encourages serious debate and
discussion on important diversity-related issues. To date, the FDC has helped develop
numerous programs, including those that enable employees to manage personal
commitments, enhance career development and heighten sensitivity to diversity issues in
the workplace. These programs range in scope from flexible work arrangements to
generous family leave policies, and from mentoring programs to training programs.
Each year, the Office of Global Leadership and Diversity (GLD) works with the FDC to
create specific, measurable and actionable initiatives for the firm to focus on. These
priorities align with the firm’s overall business principles and vision for diversity. In
2008, our diversity priorities include:
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• Go live with the divisional and regional accountability scorecards,
• Continue to ensure sufficient opportunities for senior management engagement in
divisional and regional diversity initiatives,
• Continue to enhance the diversity and inclusion curriculum to explore the full
spectrum of diversity topics and audiences (i.e. religion, age, disability),
• Develop and continuously improve professional development curriculum for
targeted populations across all levels, and
• Drive business case and other key messages into senior level communications and
broaden overall diversity communications platform throughout firm.
Has the firm undertaken a formal or informal diversity program or set of
initiatives aimed at increasing the diversity of the firm?
Yes, formal. Goldman Sachs’ office of global leadership and diversity directs the
firm’s diversity strategy and translates the firm’s diversity commitments into specific
actions. Aligned with both the executive office and human capital management, the
office of global leadership and diversity is led by Edith Hunt, a managing director, and
is driven by a central team that works collaboratively with divisional and regional
leadership and diversity managers who ensure our diversity efforts are supported,
coordinated and effective across the globe.
The office of global leadership and diversity seeks to drive leadership, commitment
and accountability from top to bottom. In order to fulfill this commitment, a
structured set of annual priorities are set, and division and region heads are held
responsible for achieving them as well as communicating them in key forums.
Ultimately, the firmwide diversity committee is responsible for the state of diversity at
Goldman Sachs and answers to our board of directors.
The office of global leadership and diversity employs a focused strategy that seeks to
create real change and traction by:
(1) Affecting cultural transformation,
(2) Advancing leadership and management skills across the firm, and
(3) Integrating diversity considerations into our key business and people processes
such as: recruiting, training, career development, compensation, promotions,
succession planning and other key retention strategies as a means to achieve our
objectives.
To accomplish this, we leverage four key catalysts:
(i) Leadership commitment,
(ii) Education and training,
(iii) Communication and involvement, and
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(iv) Accountability.
To drive our diversity efforts deeper into our organization, Goldman Sachs has
developed and implemented various formal systems, which focus on short- and longterm priorities as well as measuring progress. These leading initiatives have played a
significant role in advancing our diversity efforts. Each year, division and region heads
are responsible for presenting a diversity plan for their population to the firmwide
diversity committee. The plan must align with the firm’s annual diversity priorities and
include a summary of successes, a review of their impact on the targeted population
and new priorities for the coming year. This exercise requires division heads and
managers to evaluate their own performance and formally commit to next steps for
their respective populations. At year-end, each of our division heads are explicitly
evaluated on their diversity efforts (looking at a range of indicators) so that in their
performance review and compensation process they are held accountable by the
firm’s CEO.
Through our senior leaders’ analyses, each division and region head meets with our
chairman and CEO to discuss the status of our high potential women and minorities
and to develop specific action steps to ensure we are broadening the pipeline and
each professional’s potential is maximized. These meetings are followed up on
periodically, prior to key people processes such as promotion and compensation, to
ensure that our decisions are consistent with the performance of the talent we
identify. The executive office and division heads invest significant time to ensure that
the right people are discussed and follow-up responsibilities are completed.
Career development committees in each division and region ensure that managers
are held accountable for diversity results. Led by each division’s senior leadership,
CDCs meet to review and provide clear development opportunities for our people
across all professional levels. Through CDCs, divisional management proactively
works to identify successors, mentor relationships, stretch assignments, mobility
opportunities and potential for individuals’ career advancement.
How often does the firm’s management review the firm’s diversity
progress/results?
Quarterly.
How are the firm’s diversity committee and/or firm management held
accountable for achieving results?
Senior management reports to the board of directors annually on the state of the
firm’s diversity initiatives.
The internal communications group focuses on reinforcing the culture of Goldman
Sachs, keeping our people informed about news of the firm, our viewpoints on the
global markets, our diverse businesses and management announcements. We use a
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variety of channels to communicate information throughout the firm, including GS
Web (the firm’s official intranet site), “To All” memorandums, firmwide voicemails,
global town halls and briefing toolkits.
The office of global leadership and diversity partners with the internal
communications group to ensure that diversity messages are communicated
effectively firmwide. As such, critical diversity messages are woven into senior
leadership’s announcements as well as in town halls. key communications vehicles
managed by GLD include:
• Global Leadership and Diversity website: Goldman Sachs’ global leadership and
diversity internal website provides a visible, informative and globally inclusive
forum to share diversity-focused messages. The site, global in scope, is comprised
of a home page that highlights articles from each region as well as separate
sections dedicated to the Americas, Europe and Asia. The website also houses all
affinity network homepages globally. It is accessible via a direct link off the firm’s
GS Web.
• GLD newsletters: Goldman Sachs distributes formal global leadership and diversity
newsletters to employees across the globe. These newsletters inform people about
current initiatives and events such as history and heritage months, encourage
them to become involved in affinity networks and highlight best practices and
accomplishments across the firm.
In addition to the GLD website, we also highlight diversity-related initiatives and
events on GS Web, the firm’s global internal website.
RECRUITING
Please list the schools/types of schools at which your firm recruits.
• Ivy League schools: Brown University, Columbia University, Cornell University,
Dartmouth College, Harvard University, Princeton University, University of
Pennsylvania, Yale University
• Other private schools: Boston College, Brigham Young University, Bucknell
University, Cooper Union, Duke University, Emory University, Fordham University,
Georgetown University, Massachusetts Institute of Technology, New York
University, Northwestern University, Rensselaer Polytechnic Institute, St. John’s
University, Stanford University, Stevens Institute of Technology, Villanova
University, Union College, University of Chicago, University of Miami, University of
Notre Dame, University of Southern California, Hampton University, Vanderbilt
University
• Public state schools: Arizona State University, City University of New York–Baruch
College, Hampton University, Indiana University, Pennsylvania State University,
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Rutgers University, University of California–Berkeley, University of Colorado at
Boulder, University of Illinois–Urbana Champaign, University of Illinois, University
of California–Los Angeles, University of Michigan, University of New Mexico,
University of North Carolina–Chapel Hill University of Texas, University of South
Florida, University of Utah, University of Virginia
• Historically Black colleges and universities (HBCUs):
Morehouse College, Spelman College
Howard University,
• Hispanic-serving institutions (HSIs): University of Puerto Rico–Marquez and Rio
Piedras
• Other predominantly minority and/or women’s colleges: Barnard College, Bryn
Mawr College, Mt. Holyoke College, Smith College, Wellesley College
What activities does the firm undertake to attract minority and women
employees?
• Partner programs with women and minority associations
• Conferences: American Indian Science & Engineering Society, Association of
Latino Professionals in Finance and Accounting, Consortium for Graduate Studies
in Management, Hispanic Alliance for Career Enhancements, National Association
of Black Accountants, National Black MBA Association, National Society of Black
Engineers, National Society of Hispanic MBAs, Society of Hispanic Professional
Engineers, Society of Women Engineers
• Participate at minority job fairs
• Seek referrals from other employees
INTERNSHIPS
Summer Analyst Program
Deadline for application: Winter 2009 (varies from school to school)
Length of the program: 10 weeks
Website for internship/co-op information: www.gs.com/careers
Summer analysts join a 10-week comprehensive program where they are given the
opportunity to learn critical business skills while gaining fundamental experience in
their respective divisions. Goldman Sachs seeks highly motivated candidates who
have demonstrated outstanding achievements in academic and extracurricular
activities. We are looking for self-motivated team players who have excellent
organizational and communication skills. While a background in finance or
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accounting is not required, candidates should have an interest in business and
financial markets.
The following divisions hire summer analysts:
•
•
•
•
•
•
•
•
•
•
•
•
Finance (includes controllers, credit and corporate treasury, and firmwide risk)
Global investment research
Human capital management
Investment banking/corporate finance
Investment management—asset management and private wealth management
Global compliance
Legal and internal audit
Merchant banking/private equity
Operations
Securities
Services
Technology
SCHOLARSHIPS
Scholarship for Excellence
Deadline for application for the scholarship program: December 2009
Scholarship award amount: $5,000–sophomores, with an opportunity to be
considered for an additional $10,000 in their junior year; $10,000–juniors
Website or other contact information for scholarship: www.gs.com/careers
The Goldman Sachs Scholarship for Excellence Program was established in 1994 and
is an integral part of our diversity recruiting effort, helping to attract undergraduate
students of black, Hispanic and Native American heritage to careers at Goldman
Sachs. Students of all majors and disciplines are encouraged to apply.
Recipients of the scholarship will receive:
• Sophomores: $5,000 scholarship to cover tuition and fees, and upon successful
completion of summer internship, an opportunity to receive an additional award
and an offer to return for a second summer internship.
• Juniors: $10,000 scholarship to cover tuition and fees
• An internship as a summer analyst in which the scholarship recipient will gain
insight into the financial services industry, the firm and our unique culture
• Exposure to senior level managers and participation in firmwide networking
opportunities
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Eligibility:
The following are criteria we consider when selecting our scholarship recipients:
•
•
•
•
•
Black, Hispanic or Native American heritage
Minimum cumulative grade point average of 3.4 or above, on a 4.0 scale
Interest in the financial services industry
Community involvement—service to campus and community
Demonstrated leadership and teamwork capabilities
AFFINITY GROUPS
At Goldman Sachs, we recognize that our ability to maintain and strengthen our edge
requires a diverse workforce that can offer the widest possible range of perspectives.
Through our diversity efforts, we work to provide a supportive and inclusive
environment where all individuals, regardless of age, gender, race, religion, national
origin, sexual orientation, gender identity, disability or other classification or
characteristic, can maximize their full potential. Our affinity networks are an
important part of the firm’s diversity strategy because they serve as a forum to share
ideas, concerns and successes, and provide opportunities for professional
development.
The primary focus of the networks is to:
• Promote the firm’s business principles
• Foster leadership development and offer guidance on career management
• Increase the engagement and retention of historically underrepresented groups and
women
• Facilitate relationship-building between network members
• Create business development opportunities
• Enhance recruitment efforts for historically underrepresented groups and women
• Raise awareness, share ideas and create a sense of collaboration and community
among everyone at Goldman Sachs
• Raise the visibility of our leadership and diversity commitment to external communities
The firm currently sponsors the following networks in the Americas:
•
•
•
•
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Firmwide Asian Professionals Network
Firmwide Lesbian, Gay, Bisexual and Transgender Network
Goldman Sachs firmwide Women’s Network
Firmwide Black Network
Firmwide Hispanic/Latin Network
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Each network operates on a firmwide level and has chapters in divisions where
greater interest and participation exists. Members of the firm’s management
committee and partnership committee sponsor each firmwide network. Network
members meet on an ongoing basis and participate in network events throughout the
year. Each network also organizes and participates in history and heritage months
throughout the year. Every network has an internal website which serves as a source
of information for all Goldman Sachs employees on the network’s mission, leaders,
key initiatives and events.
ENTRY-LEVEL/TRAINING PROGRAMS LEADING
TO FULL-TIME OPPORTUNITITES AND
ROTATIONAL PROGRAMS
Full-time Analyst Program
Geographic location(s) of program: Opportunities are available in the majority of our
global offices. The main purpose of the analyst program is to provide analysts with
critical business skills while gaining fundamental skills in their respective divisions.
Goldman Sachs seeks highly motivated candidates who have demonstrated
outstanding achievements in academic and extracurricular activities.
We are looking for self-motivated team players who have excellent organizational and
communication skills. While a background in finance or accounting is not required,
candidates should have an interest in business and financial markets. Goldman
Sachs hires full-time analysts for the following divisions:
• Finance (includes controllers, credit risk management advisory and corporate
treasury, and firmwide risk)
• Global compliance
• Global investment research
• Human capital management
• Investment banking
• Investment management
• Legal and internal audit
• Merchant banking
• Operations
• Securities
• Services
• Technology
Please visit our website for specific divisional overviews at www.gs.com/careers.
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DIVERSITY MISSION STATEMENT
Goldman Sachs aims to be the employer, advisor and investment of choice by
attracting and retaining the best and most diverse talent. Through our leadership and
diversity efforts, including the affinity network program, we work to provide a
supportive and inclusive environment where all individuals, regardless of gender,
race, ethnicity, national origin, sexual orientation, gender identity, disability or other
classification can maximize their full potential, which in turn leads to strengthening
the firm’s position as a leader in the industry. The firm’s commitment to diversity is
evident at the most senior levels and is driven down through the firm by way of our
Seventh Business Principle:
We offer our people the opportunity to move ahead more rapidly than is possible at
most other places. Advancement depends on merit and we have yet to find the limits
to the responsibility our best people are able to assume. For us to be successful, our
men and women must reflect the diversity of the communities and cultures in which
we operate. That means we must attract, retain and motivate people, from many
backgrounds and perspectives. Being diverse is not optional; it is what we must be.
We know that to manage diversity well, we have to manage people well. We realize
that successful formal processes have a particularly positive influence on women,
historically underrepresented groups and non-U.S. nationals. The office of global
leadership and diversity reinforces our culture of meritocracy by advancing leadership
and management skills, and integrating diversity considerations into our key business
and people processes such as recruiting, training, career development and other
retention strategies.
ADDITIONAL INFORMATION
At Goldman Sachs we recognize that having a diverse workforce encourages
increased creativity and innovation. This is crucial to improved performance and
continued business success. To that end, we are committed to creating an
environment that values diversity and promotes inclusion. Goldman Sachs recruits
individuals from diverse cultures and backgrounds. The result is a wealth of talent
and creativity where exceptional individuals work together to provide a world-class
service to a broad spectrum of corporate, government, institutional and private
clients.
In our search for outstanding individuals, we partner with organizations promoting
diversity. Through our work with INROADS, Sponsors for Educational Opportunity,
the Jackie Robinson Foundation, The Forte Foundation, and others, we increase our
commitment to recruiting women, students from ethnic minorities and those with
disabilities.
Further, we have initiated and managed a number of programs designed to increase
awareness of the firm and our industry. These programs allow us to offer academic
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scholarships, educational opportunities, summer internships and full-time positions
to many outstanding students. Not all of these students have a finance or business
background; we actively seek candidates from a broad array of academic disciplines
and concentrations such as liberal arts, applied math, sciences and engineering, in
order to reach a wide spectrum of strong candidates. We invite you to take a closer
look at our firm and learn more about the different programs and opportunities
available to you by visiting our website at www.gs.com/careers.
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