BROWSE BY TOPIC
Stories of Interest
- Wells Fargo Has Shown Us Its Contemptible Values
- UBS to Counter Trading Troubles With M&A Work
- SEC Moves Quickly To Shut Down Fake Pre-IPO Share Scam
- SEC Testimony: Oversight of the SEC Division of Enforcement
- FINRA Modifies 'Agency Debt Security' in Rule 6710
- Is Jamie Dimon Doing a U-Turn on Bitcoin?
- After New Yorker's Racist Rant Goes Viral, His Law Firm Gets Pummeled with 1-Star Yelp Reviews
- Bill O’Donnell is New CFO at MetLife
- Trump Still Owes Deutsche Bank, Others as Much as $480Mn
- Wells Fargo Scandals Hurt Its Retirement Business
- Michigan State to Pay $500Mn to Victims of Larry Nassar's Abuse
- Top Lawyer at Novartis Leaving Over $1.2Mn Contract with Michael Cohen's Consulting Firm
- Cadwalader Adds Mark Chorazak to its Financial Regulation Practice
- Deutsche Bank: It's A Short According to Eisman of ‘The Big Short’ Fame
- Up In Smoke: Bank of Montreal Goes All-In on Pot Deals
- RBS to Pay $4.9Bn to Settle Toxic MBS Probe with U.S.
- Apple and Goldman Sachs Team Up to Release New Credit Card
- Robinhood, A Stock, Trading App Rejected by 75 Investors, Now Worth $5.6Bn
- Wells Fargo Reportedly Pocketed Fire And Police Department Pension Fund Fee Rebates
- Trading App Robinhood Surpasses E*Trade In User Numbers
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Goldman Sachs Sued for Racial Discrimination
[Photo Inset: Imgarcade.com]
Rebecca Allen, a black banker in personal wealth management with Goldman Sachs, is suing the firm on the basis that it has steered top clients to her white colleagues while denying her promotions because of her race.
According to Ms. Allen’s complaint: "Simply put, Goldman Sachs does virtually nothing to hire, promote or develop black talent, instead focusing its efforts on retaining and promoting white employees to positions of leadership." Ms. Allen, who’s also Jewish, says that she has faced “discriminatory comments” at Goldman Sachs “based on the fact that she is Jewish, including various inquiries clearly designed to determine ‘how Jewish’ Ms. Allen is, given that she is Black.”
The lawsuit also named Goldman investment banking partner, Christina Minnis, who allegedly was instrumental in having Ms. Allen removed from an account that she had worked on for 3 years. According to the complaint, Brent Saunders, the CEO of drug giant Allergan, had "expressed interest in committing significant assets to" the private wealth management division. Yet, Ms.Minnis had Ms. Allen removed after Minnis "became Mr. Saunders' investment banking relationship partner."
Goldman Sachs, which plans to vigorously contest the lawsuit, issued the following statement: "Our success depends on our ability to maintain a diverse employee base and we are focused on recruiting, retaining and promoting diverse professionals at all levels."
The case is Allen v. Goldman Sachs Group Inc, U.S. District Court for the Southern District of New York, No. 1:17-cv-06195.