Goldman Sachs Group Inc. made small gains in diversifying its executive ranks, adding to its number of Black managers, amid a push for increased minority representation on Wall Street and across corporate America.

Black employees comprised about 3.7% of senior officials and managers at the New York-based bank as of November 2022, up from 2.9% a year earlier, according to data in a report the firm released Wednesday. The overall number of the bank’s Black employees in the U.S. also grew, to 2,143 from 1,649.

Black executives in the finance industry have long been underrepresented at finance companies that in some cases didn’t include them in partnerships until the 1980s. Many have described the feeling of being the only African-American in the room. There has been some progress, but it hasn’t been steady, with the highest ranks of the largest U.S. banks still including few Black executives.

The growth in minority leaders at Goldman is an improvement, but brings the bank close to where it stood two years earlier, when Black executives held 3.2% of top roles. The bank also continues to lag behind peers JPMorgan Chase & Co. and Citigroup Inc., where African-American leaders have comprised a greater share of senior-level ranks—about 5% and 8%, respectively. 

“It is clear there is more work to be done,” Jacqueline Arthur, who runs human resources for Goldman, said in the report. “We will remain committed to this important work.”

Almost 1,800 people occupy roles the bank classifies as executives, senior officials or managers, representing about 7% of all U.S. employees.

—With assistance from Max Abelson.

This article was provided by Bloomberg News.