Bloomberg News

Goldman Joins MetLife to Disclose NYC Workers’ Race, Gender Data

April 16, 2012

April 16 (Bloomberg) --Goldman Sachs Group Inc. (GS:US) and MetLife Inc. (MET:US) agreed to disclose information about the race and gender of their workforces at the request of New York City’s pension funds.

Goldman will release the demographics in a June report, while MetLife will publish the data on its website, Comptroller John C. Liu said in a statement. He called on other New York- based companies, including American International Group Inc. (AIG:US) and Omnicom Group Inc. (OMC:US), to make such information available.

The requests are part of an effort by Liu and the city pension funds to expand opportunities for women and minorities to obtain management-level jobs in financial services and advertising.

“Many companies say they are making serious efforts to recruit, retain and promote women and minorities,” Liu said. “Without quantitative disclosure, shareowners have no way to evaluate the effectiveness of these efforts.”

As comptroller, Liu serves as investment adviser and trustee of five New York City pension funds valued at $115 billion as of Dec. 31. Combined, the funds hold more than 1.2 million Goldman shares, 2.3 million MetLife shares, 708,906 Omnicom shares and 1.1 million AIG shares, according to Liu’s statement.

The number of women and minorities holding management-level jobs in finance didn’t substantially increase from 1993-2008, according to Liu’s statement.

In 2008, white men held 64 percent of management positions in the financial industry, while women held 27 percent, according to the statement. Together, women and minorities held less than 10 percent of executive positions at financial firms.

“A diverse and inclusive work force has been an ongoing focus for MetLife, and we have made steady progress over the years,” said Frans Hijkoop, MetLife executive vice president, human resources, said in the Liu statement. “At the same time, we are continuing to make additional strides to promote diversity.”

The agreement on disclosing diversity data was reported earlier today by the New York Times.

To contact the reporter on this story: Terrence Dopp in Trenton at tdopp@bloomberg.net

To contact the editor responsible for this story: Stephen Merelman at smerelman@bloomberg.net


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Companies Mentioned

  • GS
    (Goldman Sachs Group Inc/The)
    • $180.7 USD
    • -2.87
    • -1.59%
  • MET
    (MetLife Inc)
    • $52.22 USD
    • -1.50
    • -2.87%
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