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4d ago

Goldman Sachs Rebrands Diversity Programs, Removing Race-Specific Language

The bank shifts its focus to low- and moderate-income populations, citing legal compliance and broader economic goals while increasing funding commitments.

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Overview

  • Goldman Sachs has removed mentions of 'Black' and other race-specific language from its 'One Million Black Women' and 'Black in Business' programs on its website.
  • The 'One Million Black Women' initiative has been reframed to target low- and moderate-income populations, aligning with federal requirements to serve low-income neighborhoods.
  • The description of the 'Black in Business' program now emphasizes helping entrepreneurs 'stay in the black,' moving away from a race-specific focus.
  • Financial commitments for the programs have increased, with investment capital rising to $3.6 billion and philanthropic support reaching $41 million.
  • These changes reflect a broader trend of Wall Street firms scaling back diversity initiatives in response to legal and regulatory pressures, including a 2023 Supreme Court ruling on affirmative action.