Goldman Sachs reportedly paid a $12 million settlement to a female partner who complained the bank mistreats and underpays women
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- Goldman Sachs paid a female partner $12 million to settle claims of sexism and mistreatment towards women, according to Bloomberg.
- The partner's complaint reportedly alleged that male execs, including CEO David Solomon, made inappropriate comments about women.
- Goldman's general counsel disputed Bloomberg's report, saying it contained "factual errors."
Male executives at Goldman Sachs reportedly commented on the appearances of their female coworkers, including their weight, according to a settlement reported on by Bloomberg.
The settlement, which totaled $12 million, was reportedly paid out to a female partner and alleges that Goldman fostered a culture of sexism that rose all the way to the firm's upper echelons.
It is one of the largest known settlements of its kind on Wall Street.
Bloomberg learned of the settlement from Goldman insiders who were alarmed by the details of the female partner's accusation, which was part of an internal complaint. The former partner, whom Bloomberg did not name, declined to comment.
In her complaint, the former partner reportedly described a culture that favored men; Goldman reportedly paid men more and chose them over women for prominent positions at the firm.
Men would ask senior-ranking women to fetch coffee, and an executive once compared a group of women meeting to discuss gender issues to a "flight crew."
Most details in the complaint took place between 2018 and 2019, according to the report.
The former partner alleged that the bank's sexist culture rose all the way to the top with CEO David Solomon: he reportedly was once overheard bragging about his sex life to a group of male colleagues.
Bloomberg spoke to three executives who were aware of the interaction. They all were reportedly surprised by Solomon's comments, saying it was out of character for the CEO.
In a statement to Insider, Kathy Ruemmler, general counsel at Goldman, said, "Bloomberg's reporting contains factual errors, and we dispute this story. Anyone who works with David knows his respect for women, and his long record of creating an inclusive and supportive environment for women."
The revelations about Goldman's culture and Solomon's remarks are potentially embarrassing for the mega-bank, which has made a push to prioritize diversity in recent years.
Two years ago, Solomon announced that Goldman would refuse to help take companies public unless there was one diverse member on the company's board.
The company also named a record number of female and black partners this year, according to the Financial Times.