SAWT BEIRUT INTERNATIONAL

| 24 June 2021, Thursday |

Goldman’s new director makes its board almost half female

On Monday, Goldman Sachs Group Inc said that the newest member of its board is media lawyer, Kimberley Harris. That means that almost half of the board of directors of Wall Street Bank will be women.

Harris is the General Counsel for NBCUniversal Media and the Executive Vice Chairman of Comcast Corporation.

Her appointment takes place when banks are increasingly called on to add diverse and female candidates to their leadership.

The financial industry is almost entirely run by men, although a handful of women have broken through to executive ranks in recent years. Last September, Jane Fraser became the first woman to lead a major Wall Street bank when she was named chief executive of Citigroup Inc.

Goldman has publicly set specific internal targets aimed at hiring and promoting more women into its senior ranks.

Last August, bank management said that by 2025 they want 40% of Goldman vice presidents to be female. That followed a goal set in 2019 that half of new analysts and entry-level associates hired at the bank in the United States be women.

In 2020, Goldman said it would only help take a company public if that company’s board had at least one diverse board member, such as a woman.

On Goldman’s own board, Harris’ appointment means that six of 13 directors are women.

By comparison, JPMorgan Chase & Co’s board has 10 directors, including four women, and Bank of America’s  board has 16 directors, including six women.

Harris was a partner of Davis Polk & Wardwell LLP before she worked at NBC Universal and Comcast. She also served as senior advisor to the U.S. Department of Justice’s assistant lawyer and was senior assistant councillor and assistant assistant to the president in the course of President Barack Obama’s administration.

Harris will be on the governance, compensation and public responsibility committees of Goldman among her duties as member of the Board.