Goldman Sachs plans to reduce some of its diversity, equity and inclusion policies amid the White House-backed crackdown on so-called “awakening” capitalism, the Post learned.
A source familiar with the issue said CEO David Solomon will change course amid the threat of a possible litigation after President Donald Trump ordered U.S. Attorney General Pam Bondy to break down so-called private sector DEI practices.
The Wall Street giant's move, scheduled to be officially confirmed this week, comes in a series of Wall Street rivals who have been rubbed with Day words from their annual report by shareholders known as 10ks.
Sources say details are still being stripped by the bank's top brass, but the company is expected to dramatically soften the DEI terminology featured in last year's report.
The issue was discussed earlier this month by Solomon and his bank partners at the annual general meeting in Miami, sources told the Post.
This follows the bank's decision to scrap a policy that prohibits IPOs for businesses with all-white male boards.
After rakes up $39 million last year, Solomon was one of the most vocal champions in the banking industry, aiming to encourage more representation from minority groups.
The 63-year-old wrote to Goldmanites about the topic in March 2019, a year before the global Black Lives Matter movement.
“Diversity and inclusion at Goldman Sachs is a top priority. We know that the strength of our culture, strategy implementation, and relevance to our clients really depends on a diverse workforce and an inclusive work environment,” he wrote in a memo six years ago.
The company's website now pledges that Goldman “is committed to making progress towards racial equity, promoting gender equality and increasing expression at all levels of our company.”
The bank's 2023 annual report, posted last February, added: “We believe diversity at all levels of the organization, from entry-level analysts to senior management, is essential to sustainability.”
The post also reviewed a series of job openings with the company at its lower Manhattan headquarters asking candidates to state their preferred pronouns and gender identity.
Bank insiders said the answers would be provided voluntarily.
“Anyway, a lot of people don't care about all of this,” said the banker, who asked to withhold their name because they weren't allowed to talk to the media.
“Our focus has been on attracting the best talent that has long been the basis for our commercial success,” said a Goldman Sachs spokesman.
The spokesman declined to comment on future securities applications.
The Bank's 2023 “People Strategy” report stated that Goldman wanted to achieve global gender parity among his staff, setting goals in the US to confirm that he is 11% Black Americans and 14% Hispanics with salaries.
The Wall Street ocean change comes after pressure from the White House and from activist investors who have submitted moves to demand shareholders rewind the measures.
Wells Fargo, Citigroup and Morgan Stanley have also reduced DEI's commitment, but other major American companies such as Ford and Disney have followed the same path.
Meanwhile, JPMorgan CEO Jamie Dimon was heavily recorded earlier this month with policies such as “bias training.”
