New GS female trader initiative ?

Coconut1983's picture
Rank: King Kong | 1,726

Hey,
Everything is in the title.
What do you think of their new initiative ?
They allow female grads to "try" trading for 1 year. If it doesn't work out they are guaranteed a replacement elsewhere.
It's supposed to help with some worries they supposedly have about being fired if they suck at it.

I guess why not. Yet another useless initiative.
I can also see some lawsuits coming their way when they fire some male underperformer without giving him similar treatment.

Side question : would you date a female trader ?

Thanks

Comments (12)

Most Helpful
Mar 14, 2019

First... no to dating female trader or any woman in finance.

It's interesting. Friend and I were talking about it the other day. My group is all male, we talk about normal male things in a normal male way (chicks, partying, sports, etc...). I can see how it could be hard for a woman to relate to their male coworkers when their main way of relating to each other revolves around those topics. I think female outreach is important and diversity can go a long way, especially in investing. A woman, URM, etc... can give unparalleled insight into huge demographic markets.

While diversity is important, so is merit, and so is equal pay. Tough things to balance. I believe people should be hired based on merit. To my earlier point, that a woman can give unparalleled insight into demographic markets, if you hire them based on that, they better be an expert or at least better than the next candidate, not just a woman with an opinion. Also, all team members contribute differently. Pay should be based on the value of those contributions, not the group identity of the contributor. I recently learned of a firm that gave a $XX,XXX bonus to people of non-hetero sexuality if they wrote an essay about their diversity (think of it like a company scholarship). That's ludicrous... Getting paid more because you're gay? That's just crazy town.

    • 5
Mar 15, 2019

wtf pay for gay? sign me up, i'll write a gay essay for a couple grand anytime

  • Financial Advisor in Risk Mnmgt
Apr 26, 2020

What's wrong with dating women in finance ?

  • Prospect in IB-M&A
Apr 28, 2020

Nothing's wrong with it if you love them and mesh well with them. Women in finance are typically smart and confident. Some men on here are just afraid of being less successful than their wives, or they're afraid that their wife will have a more dominant personality than them. People may listen to a stereotype when picking their wife; they should instead see if the obvious boxes are checked (you get along, you're attracted to them) and determine if they could spend the rest of their lives with that partner.

    • 1
    • 1
Mar 15, 2019

It is the soft bigotry of low expectations. While the intent is to promote more women joining trading desks, the effect is lower expectations and lower standards for women. Women should feel extremely insulted by this.

If I were at GS and a woman who 'failed out' of this trading initiative joined my group, imagine what my expectations for her would be?

    • 1
Mar 15, 2019

I don't know dood; honestly it seems like a lot of people would realize that trading isn't their thing after a year and so the fact that homegirl had an actual guarantee instead of just the opportunity to do the same exact thing if they wanted to/made the effort to network doesn't actually make that much of a difference (e.g. the bigotry comes from people reacting like you seem to be, not from the program)

    • 1
Mar 15, 2019

So why not provide this exact program for men as well as women? How is it not bigoted to have this in place for women only (implicit expectation on the part of GS that women need more coddling than men)?

    • 1
Mar 15, 2019

I actually met a girl who got in via this diversity things, she's pretty smart and seems to have the right mindset, so she might as well do fine.

I fully expect most to drop out anyway.

  • Analyst 1 in IB - Ind
Apr 26, 2020

How the fuck is this stuff legal? The civil rights act says in plain english:

"It shall be an unlawful employment practice for an employer--

(1) to fail or refuse to hire or to discharge any individual, or otherwise to discriminate against any individual with respect to his compensation, terms, conditions, or privileges of employment, because of such individual's race, color, religion, sex, or national origin; or

(2) to limit, segregate, or classify his employees in any way which would deprive or tend to deprive any individual of employment opportunities or otherwise adversely affect his status as an employee, because of such individual's race, color, religion, sex, or national origin."

If you have a female program and give disparate treatment it falls afoul of the above.

  • Analyst 1 in CB
Apr 26, 2020

It's Goldman Sachs man. They own the people who wrote those laws. The people who voted for those laws. The people who voted for the people who voted for those laws. The ink it was written with. The country it was written into.

    • 1
  • Analyst 1 in Consulting
Apr 28, 2020
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