In addition, under the agreement, Goldman Sachs, for the next three years, undertakes to:

-           engage an independent expert to conduct additional analysis on the performance appraisal processes, as well as the promotion process from vice president to general manager, to ensure that they generate accurate, reliable, and non-biased results;

-           require an independent expert to conduct further studies on pay equity, investigating and, where appropriate, addressing any gender pay gap;

-          improve certain communications to vice presidents on career development and promotion criteria.

The case (Chen-Oster v. Goldman Sachs, Inc., Case No. 10-6950 (SDNY)) was filed in September 2010, when three former female Goldman employees alleged gender discrimination in pay, performance evaluation, and promotion.

On 30 March 30, 2018, the United States District Court for the Southern District of New York certified the case as a class action, and the trial was set to begin on 7 June 2023.

"Goldman Sachs is proud of its long record of promoting and advancing women and remains committed to ensuring a diverse and inclusive workplace for all our people," said Jacqueline Arthur, Goldman Sachs Global Head of Human Capital Management, in the company press release.

In 2020, the bank said it aimed to have 40 per cent of women vice presidents within five years, while, currently, 29 per cent of its partners and managing directors are women.

But this is not the only case: Bank of America Corp (BAC.N), Citigroup Inc (CN), and Morgan Stanley (MS.N) are also among the Wall Street firms that have settled gender discrimination lawsuits.

It confirms that employers must pay close attention to these issues and actively promote gender equality in the workplace.

The issue is global: in Europe, as we reported in a previous article, an Equal Pay Directive was recently adopted, based on equal pay for equal work or work of equal value between men and women.