Carolina Mandl

NEW YORK (Reuters) – Goldman Sachs Group Inc (NYSE) announced Friday that it has increased its budget and doubled the diversity recruitment team to meet its goal of adding more Blacks, Latinos, and women to its workforce.

From the start of this year, the bank hired approximately 25 more recruiters to help them hire diverse workers. This brings the total number of employees in the bank’s ranks up to 50.

Hogan reported that Goldman Sachs had hired more experienced recruiters, which will allow it to advance its plan to hire more Black women and Latino vice presidents.

Hogan stated that it made sense to increase the number of people in the company to reach more senior professionals in terms of their years of experience and to have deeper conversations about the career options for the firm.

Wall Street banks seek to diversify their clientele, which consists mainly of white men.

According to the bank’s stated goals, the bank wants 7% of its vice-presidents to be Black and the remaining 9% Latinos in the Americas. By 2025, it will have 40% global women as the accounting staff.

Vice Presidents typically hold senior positions at Wall Street banks.

A regulatory filing revealed that 32% of Goldman’s vice-presidents in December were women.

Some diversity improvements have been made by Goldman amongst the lower ranks.

For 2019, 11% of the new entry-level analysts and associates in the United States will have to be Black. It stated that 14% would be Latino, and 50% women.

It stated that Goldman exceeded its targets last year for recruiting campus analysts. 70% of bank annual hirings are made at universities.