Goldman Sachs Group Inc was hit with a gender bias lawsuit on Wednesday by women who said Wall Street's most profitable bank maintained an "outdated corporate culture" that systematically deprived them of pay and promotions available to men. The lawsuit was filed by three former employees. It seeks class-action status on behalf of all female managing director, vice president and associate employees in the last six years.
Goldman spokesman Ed Canaday declined to comment on the lawsuit, which was filed in Manhattan federal court. According to the complaint, Goldman gives its managers, the vast majority of whom are men, "unchecked discretion" to assign accounts and responsibilities to subordinates, and to decide who gets administrative support and training. It said this causes women to be underrepresented in management, comprising just 14 percent of partners, 17 percent of managing directors and 29 percent of vice presidents. Lawyers for the plaintiffs did not immediately return calls seeking comment.
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