"Goldman Sachs lawsuit: Wall Street giant is a 'boys club where drinking, strip clubs and sexism tolerated", 3 July 2014

Two former female employees of Goldman Sachs who allege the investment bank is an "uncorrected culture of sexual harassment and assault" where women are often paid less and denied promotion are now seeking class action status for their lawsuit...If class action status was granted, the women could be allowed to include many more female associates and vice-presidents of Goldman's investment bank, investment management and securities divisions, who worked at the bank from 2002, in their legal efforts to win unspecified damages and back pay. Cristina Chen-Oster, a former vice-president and Shanna Orlich, a former associate, allege in their lawsuit Goldman has a "boys club" atmosphere where binge drinking, strip club visits and the sexualization of women are tolerated, and where women fear that complaining to employee relations is a "career ender." Goldman Sachs has always denied the women's allegations and is fighting the case, and the investment bank did not immediately return calls...seeking any update on their position. It has previously stated "this is a normal and anticipated procedural step for any proposed class action lawsuit and does not change the case's lack of merit." The women allege that at Goldman, female vice presidents earned 21 per cent less than male counterparts, female associates earned 8 per cent less, and 23 per cent fewer female vice presidents have been promoted to managing director. "The record overwhelmingly demonstrates that year after year Goldman continues to treat women as second-class employees, permitting a culture of fear and retaliation to flourish rather than fixing known, systemic gender bias," the lawsuit alleges. " A cross the firm, women now comprise only 17 per cent of managing directors, and only five of 34 members of the firm's management committee," it continued. "Goldman's discriminatory processes do not arise in a vacuum, but instead are shaped by a common culture of gender stereotyping and hostility towards women at the firm." The many allegations include widespread concerns among women at Goldman about gender bias, promotion by Goldman of male employees and managers accused of misconduct towards women, and the stereotyping of working mothers as "unfit for or uncommitted to their careers."