Goldman Sachs Ends Diversity Rule

This is a UK news story, published by BBC, that relates primarily to Richard Gnodde news.

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diversity policy

BBC

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Business

Business & Economics

Goldman Sachs axes diversity rule that has 'served its purpose'

Summary

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81% Informative

Richard Gnodde says Goldman Sachs ditched internal diversity rule that barred it from advising all male, all white boards on company flotations.

The investment bank had pledged that it would only help a business sell its shares on a stock exchange if it had two diverse board members, one of which had to be a woman.

He also said uncertainty over US policy was dampening firms' "animal spirits" and appetite for investment.

Mr Gnodde said Labour had "sent a strong message on the competition front" after it recently ousted the chair of the Competition and Markets Authority . He added that the government pulling such a lever could ignite growth to make the UK "globally competitive". He also suggested that UK businesses had to consolidate to compete globally. "How many of these players do we need?", he said. "How many telcos do we need? How many banks do we need? I think the market should be able to drive that if we're going to compete on the global stage.".

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Informative language

Neutral language

Article tone

informal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful