Goldman Sachs to pay $215m in sex discrimination case

Goldman Sachs will pay $215m (£170.5m) to settle claims that it discriminated against women, offering female staff lower pay and fewer opportunities.

The agreement comes a month before the long-running class-action lawsuit was due to come to trial.

It resolves claims from about 2,800 female staff who worked at the bank in the US.

Goldman will work with outside experts to analyse its pay patterns and methods of promotion as part of the deal.

"I have been proud to support this case without hesitation over the last nearly 13 years and believe this settlement will help the women I had in mind when I filed the case," said Shanna Orlich, one of the women who first filed the legal complaint.

The deal resolves a legal matter that has dogged the bank since 2010, when women stepped forward to accuse the Wall Street giant of a "boys club" work culture that hindered their advancement.

The fight provided a glimpse of the inner workings of the bank, which was accused of paying female vice presidents 20% less than their male peers, while tolerating incidents of sexual harassment.

Goldman has said it wants to increase the number of women among its more senior ranks, aiming to have women account for 40% of vice presidents by 2025.