Goldman ‘Boy’s Club’ Accused of Sexualizing Women

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July 2 (Bloomberg) -- Goldman Sachs was accused by two former employees seeking to expand their lawsuit of discriminating against women while male colleagues engaged in binge drinking and took clients to strip clubs. Bloomberg Businessweek’s Sheelah Kolhatkar reports on “In The Loop.” (Source: Bloomberg)

On behalf of other workers and it includes more than a decade of discrimination.

I am joined by bloomberg businessweek reporter sheilah.

What are they alleging?

They do not promote women fairly and transparently, that it is basically impossible for a woman to become a managing director, and as you mentioned, this noise club atmosphere.

There is a story about a former goldman employee, a female, who was forced to go to a strip club where some of her colleagues wanted to entertain clients, so a lot of fairly harsh allegations come and they are trying to broaden their case.

And not unique to goldman sachs?

No, that is what is interesting about these claims.

They have a familiar ring to them.

Women and other firms have made similar allegations.

There is something that is different about this.

In the 90's there were a lot of landmark sexist termination cases, for example, the salomon smith barney boom boom room case.

They were bringing exotic dancers onto the trading floor -- this sort of thing.

That kind of behavior appears to have come down.

I do not think anyone really misses it, but reading this new case it gets -- you get the sense that this commission still exists, but it is much more subtle, gone underground, and is hard to fight in a way.

I am sure goldman sachs has had a response.

Of course, they are refuting the claims, and they say it is a normal and procedural step for any class-action lawsuit and it does not change the case's lack of merit.

The nine delegations, they are planning to fight it.

At least that is what they are saying so far.

Are they taking any steps, even though they deny the allegations, to say hey, we do promote women, treat them equally?

Goldman has taken steps.

They have a diversity officer, a women's leadership network, networking opportunities for women, but the numbers are still not really impressive.

I think it is something like 17% of managing directors are women.

The executive committee has 34 members.

Only five are women.

While they are doing some of the right things, it seems like something is not working.

Something is missing.

They're not doing enough to improve the numbers at the top.

Sheelah kolhatkar, thank you for bringing us that story.

Bloomberg businessweek's sheelah kolhatkar.

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