Vendor Diversity

“The Vendor Diversity Program is important to Goldman Sachs for three reasons: One, it helps us provide the best possible solutions to clients by bringing talented, experienced professionals into our network. Two, it drives growth opportunities for these businesses, and we’ve seen time and again that our program partners pay it forward in their communities. And three, it is a chance for us to break down barriers to growth that still exist for minority business owners – and that’s critical for a healthy society.”

- David M. Solomon, Chairman and CEO, Goldman Sachs

At Goldman Sachs, a wide array of goods and services are needed to support our business operations, and we work hard to ensure that we partner with the best businesses available to achieve our objectives. 

Our Vendor Diversity Program gives us a platform to engage with small and diverse enterprises around the world. We strive to engage vendors that reflect the diversity of the communities where we live and work and of the clients we serve, and we look for vendors that can bring a range of perspectives to help us discover creative, effective solutions.

Our Goals for Vendor Diversity and Inclusion

Our Vendor Diversity Program aims to help break down barriers to market access for small and diverse enterprises and unlock commercial opportunities with Goldman Sachs. We seek vendors that can continuously drive competitiveness and innovation in our supply chain. We also recognize the wider economic impact of partnering with small and diverse enterprises and supporting them in their growth. To further support business owners around the world, the firm provides access to education, networks and capital through our 10,000 Small Businesses, 10,000 Women, Launch With GS and One Million Black Women initiatives. 

In 2020, Goldman Sachs bought goods and services worth over $265M from small and diverse vendors globally, representing 5% of our addressable spend. 70% was with Minority-Women-Owned Businesses and 30% with Small Businesses.  28% of our overall spend was Tier 2.  We remain committed to our goal to increase spend with small and diverse vendors by 50% by 2025.

History and Milestones of Our Vendor Diversity Program

Our Vendor Diversity Program began in North America in 2000 before expanding to Europe in 2005 and Asia Pacific in 2009. In partnership with our vendors, we have introduced initiatives that aim to positively impact our employees, on-site construction workers and the community at large. The following major real estate projects reflect our commitment to working with diverse vendors across the world: 

  • In New York, we spent more than $300 million with minority- and women-owned businesses while constructing our global headquarters, which was the most successful project in the history of New York State’s Minority- and Women-Owned Business Enterprise Program at the time.

  • In London, we spent over £100 million with local small and medium-sized enterprises, hired local labor and provided more than 200,000 hours of work to apprentices and trainees during the construction and fit-out phases of our new Plumtree Court office, which opened in 2019. 

  • In Bengaluru, more than 64% of construction shell and core spend and 33% of interior work spend for our new campus, which opened in 2019, was with diverse vendors. Over 9,000 height adjustable desks were designed, manufactured and installed by a local, medium-sized enterprise, exemplifying our commitment to supporting local SMEs.

We continue to partner with industry associations and work to leverage relationships developed through our initiatives. We are members and active participants of the following vendor diversity organizations:

Our Tier 2 program is an important component of our Vendor Diversity Program, giving small and diverse vendors an opportunity to grow and do business with Goldman Sachs, where a direct contract may not be feasible. This also enables our large, non-diverse vendor population to actively contribute towards our goals of creating a more inclusive supply chain, which drives innovation and maximizes economic impact in our communities.  

Diverse Vendor Definitions

Disability-Owned Business Enterprise (DOBE)

People with disabilities own, operate and control at least 51% of the company.

Lesbian, Gay, Bisexual and Transgender Business Enterprise (LGBTBE)

LGBT individuals own, operate and control at least 51% of the company.

Minority-Owned Business

Minority group members own, operate and control at least 51% of the company. Definitions for minority groups vary by location and include the following categories, where applicable: Asian, Black, Hispanic/Latinx, and Indigenous peoples.

Service-Disabled Veteran-Owned Business

Service-disabled veterans own, operate and control at least 51% of the company.

Veteran-Owned Business

Veterans own, operate and control at least 51% of the company.

Women’s Business Enterprise (WBE)

Women own, operate and control at least 51% of the company.

Small Business (SB)

Definitions for Small Businesses vary by location. We accept certifications from recognized certifying agencies where available. Where not available, we follow local government guidelines and may request additional documentation to verify status.

Social Enterprise Business (SEB)*

A social enterprise business (SEB) is a for-profit or non-profit organization or venture that achieves its primary social or environmental mission using business methods.

*We track our use of Social Enterprise Businesses, but we do not include these in our reported spend.

Supported Business*

A supported business employs disabled people as over 50% of its workforce.

*We track our use of Supported Businesses, but we do not include these in our reported spend.

Our Vendor Case Studies

Scarborough & Tweed

One of our longest standing women-owned business partnerships formed in 1992 when Lisa McCullagh started selling banker bags to traders on the pavement outside the New York Stock Exchange.

Learn More

Aramark

Aramark, our dining partner in our global headquarters in New York, works closely with the Goldman Sachs 10,000 Small Businesses program to introduce new suppliers to our onsite food offerings.

Learn More

Obelisk

A women-owned business and Goldman Sachs 10,000 Small Businesses graduate, Obelisk Legal Support Solutions works with over 35% of FTSE 100 companies.

Learn More

Belu

Belu’s mission is to deliver an environmentally-improved and sustainable water offering to the market, and donate all profits to the charity WaterAid to transform lives worldwide with clean water.

Learn More

Pannex

Pannex is a women-owned company in China, which provides a one-stop shop for mass production of high-end, bespoke mobile phone accessories.

Learn More

SRD Legal

SRD Legal offers a new way of providing legal support to large organizations. Working with Goldman Sachs by providing hourly and flexible legal support opened the door for SRD Legal to subsequently contract with a number of other financial services companies.

Learn More

Join Our Vendor Diversity Program

Eligibility

Please refer to our Diverse Vendor Definitions Guide for our accepted definitions. As a firm, we take our reputation for excellence seriously and seek to align with business partners who share our commitment to quality. We expect all vendors to operate in accordance with the Goldman Sachs Vendor Code of Conduct
 

Application Process

If you are eligible and interested in joining our network of diverse vendors, please complete this prospective vendor form and return it via e-mail to vendor.diversity@gs.com. You must include a current copy of your diverse business certification from a recognized agency and/or self-certification documentation.

Upon review of your submission, we will contact you if there are relevant opportunities. Inquiries providing products/services not currently sought will be maintained for future consideration. Note that submission of the prospective vendor form is for informational purposes and any confidential information submitted will be for internal use only. It is not a guarantee of business and does not ensure “Approved” vendor status.

We are always interested in finding ways to partner with organizations who can help us deliver innovative and creative solutions and invite you to explore the types of goods and services we look for from our vendors.

We also encourage you to increase our awareness of your capabilities by setting up an account on the Ariba® Network. Our teams leverage the Ariba® Network searchable database to consider potential partners and also use it to create opportunity postings for potential suppliers to match our requirements.

For diverse vendors, please also enter details regarding any diversity certifications when setting up an Ariba® Network account.

Reference the Frequently Asked Questions for information on a variety of topics.

 

FAQs

Why does Goldman Sachs have a Vendor Diversity Program?

Our Vendor Diversity Program forms an important part of our ethical and responsible supply chain management. Diversity is at the core of our ability to serve our clients well, and we want our vendors to exemplify the diversity of our firm and our clients. Diverse businesses not only help drive competitiveness and innovation in our supply chain, but they also benefit the wider economy by creating jobs, strengthening communities and driving economic growth.

Does Goldman Sachs guarantee business for diverse vendors?

No, Goldman Sachs does not guarantee business to any vendor. We are committed to providing diverse enterprises an opportunity to compete on a fair and equal basis for our business.

What types of diverse businesses does Goldman Sachs work with?

Please refer to our Diverse Vendor Definitions Guide for our accepted definitions and certifications.

Does my company have to be certified as a diverse business to participate in the Goldman Sachs Vendor Diversity Program?

Yes, Goldman Sachs requires diverse business certification from a national, state or locally-recognized third party certification agency. In countries where third party certification does not exist, self-certification documentation will be reviewed on a case-by-case basis.

How does my business become certified as a diverse vendor?

Diverse business certification is a process managed by third party certification agencies. Please refer to our Diverse Vendor Definitions Guide for the relevant organizations that offer certification.

How do diverse vendors learn about upcoming opportunities to work with Goldman Sachs?

We welcome all eligible and interested diverse businesses to complete the prospective vendor form and return it via email to vendor.diversity@gs.com. Upon review of your submission, we will contact you if there are relevant opportunities. Inquiries providing products/services not currently sought will be maintained for future consideration. Note that submission of the prospective vendor form is for informational purposes and any confidential information submitted will be for internal use only. It is not a guarantee of business and does not ensure “Approved” vendor status.

We are always interested in finding ways to partner with organizations who can help us deliver innovative and creative solutions and invite you to explore the types of goods and services we look for from our vendors.

We also encourage you to increase our awareness of your capabilities by setting up an account on the Ariba® Network. Our teams leverage the Ariba® Network searchable database to consider potential partners and also use it to create opportunity postings for potential suppliers to match our requirements.

For diverse vendors, please also enter details regarding any diversity certifications when setting up an Ariba® Network account.

Reference the Frequently Asked Questions for information on a variety of topics.

I submitted my prospective vendor form to Goldman Sachs, but I have not heard back regarding opportunities. What should I do next?

Submission of the prospective vendor form is not a guarantee of business. Please keep in mind that there may not currently be a need for your products/services or we may be under contract with another vendor at present. Goldman Sachs will maintain your information for future consideration and reach out to you when relevant opportunities become available.

We accept the following definitions for diverse vendors and require diverse business certification from a national, state or locally-recognized third party certification agency. Listed below are certifying agencies that we recognize. Certifications from all other agencies, or diverse businesses which do not have certification, will be are considered on a case by case basis.