Goldman Sachs has made significant changes to its diversity initiatives, notably removing mentions of “black” and altering program language as the financial industry shifts away from diversity, equity, and inclusion (DEI) efforts, particularly under growing scrutiny from the Trump administration.
Initially launched in 2021, the “1 Million Black Women” program was set to invest $10 billion and provide $100 million in charitable contributions to support black women. However, recent updates show that Goldman has lessened explicit racial references from its communications. Instead, the focus has shifted to broader economic terms, as highlighted by modifications reported by the Wall Street Journal.
When comparing previous and current language, phrases targeting “one million black women by 2030” have been replaced with more generalized terms like “growth and opportunity.” Additionally, the initiative’s emphasis has been redirected from specific demographics to the bank itself. Similarly, another program previously tailored for black businesswomen, known as “Black in Business,” has also seen the removal of racial references.
A statement regarding the program now indicates a focus on maintaining profitability rather than a clear commitment to supporting a specific racial group. Financial commitments have reportedly increased, with figures rising from “nearly $3 billion” to “$3.6 billion,” and charitable support from “$39.4 million” to “$41 million.”
These adjustments appear to be aimed at aligning the program with economic objectives while minimizing potential legal risks associated with the use of race-specific language. Changes started two years ago when Goldman expanded eligibility to include all solo entrepreneurs, though specific racial references have been quietly eliminated from the program’s homepage.
Earlier in the year, reports surfaced about Goldman’s intention to downscale its DEI policies in light of legal pressures and threats of litigation, including the removal of DEI language in filings to other firms like BlackRock and Bank of America. The adjustments at Goldman reflect a more significant trend among corporations reevaluating their diversity programs following a critical 2023 Supreme Court ruling that ruled against racially-based affirmative action in university admissions.
Goldman’s investment strategies related to the program are now largely overseen by its urban investment group, which aims to support low-income areas. While the company began with a focus on aiding black women, the current narrative ties back to its overall business objectives rather than demographic specifics.
Asahi Pompei, the head of global corporate engagement at Goldman, explained that “one million black women” remains a long-standing commitment within a broader strategy that promotes job creation and economic growth for small businesses nationwide. The continuous evaluation of such programs is crucial to ensure their legality and efficacy.
Several Wall Street firms, including BlackRock, Bank of America, and JPMorgan Chase, have been adjusting or scaling down their DEI initiatives in recent months, illustrating a broader corporate shift away from diversity goals amidst evolving legal landscapes and considerations of public perception.
