Despite anti-DEI efforts spreading throughout Wall Street, Goldman Sachs is taking the opposite approach. The company remains firm in the expansion of its One Million Black Women initiative.
The nonprofit arm of Goldman launched in 2021 as a response to the Black Lives Matter protests sparked a year prior. The Guardian reported their $10 billion investment through the decade to champion Black women-focused efforts. With also $100 million designated toward funding, Goldman’s promises are well underway.
One of its endeavors, the Black in Business no-cost education program, is doubling the amount of participants. The program focuses on small-scale business owners with no employees as they grow in their entrepreneurial journeys. At the end of the program, over 60% of participants noted an increase in their businesses’ revenue.
Since its establishment, the company has allocated over $2.3 billion toward investments through the initiative, with $33 million in funding spent. According to the global head of corporate engagement, Asahi Pompey, the work has just begun.
“And we are very focused on achieving the objectives of our program,” she said. “Of course, we do that in operation and in compliance with laws, but our commitment to One Million Black Women is strong.”
Goldman emphasized the additional benefits of supporting Black women and their career ambitions. Pompey noted the demographic’s impact in bettering the economy as well.
“Reducing the earnings gap for Black women has the potential to create 1.2 to 1.7m jobs in the US and increase annual US GDP by $300bn to $400bn,” she explained. “It says when Black women rise, America rises, because she’s creating jobs, she’s increasing revenue, she’s making her community better.”
While Goldman intends to keep its commitment, other corporations are shying away from diversity initiatives. Legal troubles surrounding the explicit upliftment of Black women entrepreneurs through the Fearless Fund have fueled hesitation toward DEI efforts. As court filings threaten the rollout of the grant program, Goldman’s mission remains as crucial as ever.
Despite concerns within their industry, Goldman Sachs aims to spread awareness of the positive outcomes of its diversity-focused organization.
