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- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.