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Goldman Sachs reportedly paid more than $12 million to a senior female executive who filed an internal complaint about a toxic workplace for women in the prestigious company’s top positions.
Legendary Wall Street investment bank CEO David Solomon was accused of boasting about receiving oral sex in the legal complaint, which has been reviewed by Bloomberg.
The former corporate partner reached the settlement two years ago, and the finance company allegedly fought to keep details of the lawsuit secret.
She alleged that senior executives at Goldman Sachs made vulgar and dismissive remarks about women and that the bank fostered a sexist culture, with at least three executives at the time reportedly hearing Solomon’s alleged comment.
Solomon’s alleged bragging happened shortly after he acquired the company in 2018, and the allegations were part of the lawsuit.
Sources claim it stood out because it was considered so odd for 60-year-old Solomon to make such comments. The bank has strongly denied the allegations.
CEO of Wall Street’s most prestigious investment bank, David Solomon, was accused of boasting about receiving oral sex in the complaint
Goldman Sachs paid out more than $12 million to a seasoned female executive who filed an internal complaint about a toxic workplace for women
None of the executives who heard about the alleged boast knew it had been mentioned in the complaint.
However, his alleged comment was not the main focus of the lawsuit, which alleged that women were paid less than men for the same work.
It also alleges that the company allegedly tolerated rude and vulgar remarks from senior officials, with Goldman agreeing to pay the female executive “well over” $12 million.
The alleged secret settlement, which was handed over two years ago, is likely the largest award of its kind to date.
Goldman Sachs was reportedly eager to settle because of the bank’s efforts to improve diversity among senior ranks, according to Bloomberg.
Most of the reported alleged incidents occurred in 2018 and 2019, shortly after Solomon took over the reins.
The lawsuit also says that other top executives, including former chief investment research Steven Strongin, made derogatory comments about women.
In 2019, the bank stated it wanted half of analysts and entry-level employees to be women, saying 29 percent of its partner class are women.
Kathy Ruemmler, General Counsel at Goldman said, “Bloomberg’s reporting contains factual errors and we dispute this account.
“Everyone who works with David knows his respect for women and his long track record of creating an inclusive and supportive environment for women.”
Goldman Sachs says Solomons has “respect for women” and has a “long track record of creating an inclusive and supportive environment for women”
It also alleges that the company tolerated rude and vulgar remarks from senior officials, with Goldman agreeing to pay the female executive “well over” $12 million
The company declined to comment further when DailyMail.com pressed what they disputed.
In a 2018 gender pay gap report, Goldman Sachs International Business found that three percent of the group with the highest hourly wages were men, the bank said, while 62.4 percent of those with the lowest hourly wages were women.
The partner, whose identity has been kept anonymous, chose not to make her allegations public and left the company to work for another company.
It comes after unsealed legal documents released in September showed dozens of women working at the company described being subjected to discrimination, sexual harassment and assault at the hands of male managers.
A class action lawsuit filed against the bank includes 1,400 plaintiffs alleging lewd and criminal conduct by senior bankers at the company.
There are at least 75 cases of sexual misconduct by male managers and seven criminal charges of rape, attempted rape and assault.
The class action lawsuit released in September is unrelated to the internal complaint uncovered by Bloomberg.
Former Goldman banker Jamie Fiore Higgins released a memoir alleging that the bank’s Manhattan headquarters was rife with misogyny.
In the book “Bully Market: My Story of Money and Misogyny at Goldman Sachs,” it is alleged that a male colleague told her she was promoted “because of her vagina.”
She also says she was forcibly pinned to a wall by a college male who “wrapped his hand around her jaw” and threatened her as she hung in the air.