Making Progress Towards
Racial Equity

At Goldman Sachs, we have long been committed to promoting inclusion, diversity, and equity. Yet there is more to be done.

The most recent senseless acts of racism and violence against Black people have been a deeply upsetting reminder for everyone that equality is not yet a reality.

Within Goldman Sachs, we are committed to promoting inclusion, diversity and equity through strengthening established initiatives and taking new actions.

We’ve created the Goldman Sachs Fund for Racial Equity to support the vital work of leading organizations addressing racial injustice, structural inequity and economic disparity. In addition to donating $10 million dollars, the company will match employee contributions to recipient organizations dollar for dollar, and donations $25 and under will be matched three to one.

The $10 million Fund for Racial Equity builds upon more than $200 million Goldman Sachs has granted over the last decade to organizations serving communities of color. Most recently, as part of the Goldman Sachs COVID-19 Relief Fund, the firm deployed $17 million to organizations supporting relief efforts in communities of color.

These donations will help us lay the groundwork for efforts we can make to support the Black community. They are also connected to the deeper conversations happening within our organization about how we can support our Black colleagues, clients, customers, and communities. These discussions also include how we can become better listeners and better allies and the concrete steps we will take to embed inclusion into everything we do.

We have also been investing capital and resources in minority owned businesses for over a decade, through our 10,000 Small Businesses program and Urban Investment Group. Now, we are harnessing our expertise and deep relationships with Community Development Financial Institutions and other mission-driven lenders to swiftly deploy targeted capital towards communities of color. We recently announced an additional $250 million in emergency relief to fund the Small Business Administration’s Paycheck Protection Program via loans through these partners, taking our total support since the start of COVID-19 to $800 million. 

Addressing inequality is part of our core mission. As our Chairman and CEO, David M. Solomon told a US House subcommittee in early June, “We must stand up and support organizations dedicated to the fight for a more just and equitable society.”

Helping create change

Goldman Sachs Fund for Racial Equity
We've created the $10 million Goldman Sachs Fund for Racial Equity to support the vital work of leading organizations addressing racial injustice, structural inequity and economic disparity. 

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Increasing Our Small Business Commitment to $775 Million
Goldman Sachs will commit an additional $250 million to fund the Small Business Administration’s Paycheck Protection Program (“PPP”) loans through Community Development Financial Institutions (“CDFIs”) and other mission-driven lenders.

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See How Goldman Sachs Deployed Capital to Small Businesses Across the U.S.
The firm rapidly deployed lending capital and grants in underserved communities and leveraged long-standing network of CDFIs to ensure small businesses nationwide were reached.

View Infographic

Promoting Inclusive Lending During the Pandemic
Read Promoting Inclusive Lending During the Pandemic: Community Development Financial Institutions and Minority Depository Institutions, the submission from Goldman Sachs Chairman and Chief Executive Officer David Solomon to the U.S. House of Representatives Committee on Financial Services Subcommittee on Consumer Protection and Financial Institutions Hearing

Read Statement

Statement from Goldman Sachs’ Inclusion and Diversity Committees and Networks
More than 50 senior Goldman Sachs executives from around the world issued a statement condemning recent acts of racism and discrimination and recommitting to furthering inclusion in our firm and society at large.

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Driving Diversity in Recruiting and Developing Talent
The strength of our culture, the execution of our strategy and our relevance to our clients depend on a truly diverse workforce. We have set clear, quantifiable diversity goals around our entry-level hiring, and are equally committed to career development to ensure diverse representation at all levels of the firm.

Read about our aspirational goals

Learn about our 2019 Campus Analyst and Managing Director Classes 

Learn about our 2018 Partner Class and Its Diverse Representation

Urban Investment Group (UIG)
UIG is our domestic multi-asset class investing and lending business that deploys over $1 billion annually to close the opportunity gap for underserved places and people through real estate projects, social enterprises, and lending facilities for small businesses. Over 80% of the team’s investing is in minority communities. 

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Driving Inclusive Growth Through Sustainable Finance
As part of our $750 billion commitment to sustainable finance, we’re supporting underserved populations by leveraging our capabilities to improve access and affordability. Inclusive growth supports communities by drawing on innovative finance and partnerships to mitigate unequal access and affordability among underserved populations.

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Launch With GS
Launch With GS is Goldman Sachs’ $500 million investment strategy grounded in the belief that teams with diverse leadership drive stronger returns. As we mark our two-year anniversary, we remain committed to facilitating connections and increasing access to capital for women, Black, Latinx and other diverse entrepreneurs. In early May 2020, we welcomed 14 companies into the Launch With GS Black and Latinx Entrepreneur Cohort, an eight-week virtual experience providing high-touch access and resources.

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Recognition of Our Commitment to Diversity and Inclusion
Our firm and our people have been honored for diversity and inclusion over the years by leading organizations and media, respectively. Human Rights Campaign, Asia Society and Disability:IN are some of the organizations that have recognized the firm as an employer of choice. EBONY and Fast Company, along with others, have honored our people for leadership and dedication to addressing inequality.

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A More Sustainable and Diverse Supply Chain
A key priority for our firm is fostering opportunities for businesses which are women- and minority-owned with the aim of achieving a supply chain that reflects the diversity of our people and our clients. Our Vendor Diversity Program gives us a platform to engage with small and diverse enterprises around the world.

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Encouraging difficult conversations

As we seek to contribute to the path forward and effect lasting change, both at our firm and in our communities, we want to emphasize that this is our moment to get involved. The key to unlocking positive change is the realization that we must each be part of the solution – how we react to the circumstances around us truly matters.

Against the backdrop of a global pandemic, and uncertainty as to what lies ahead, seeing our people stand in unity and ask how they can help drive meaningful change has been deeply moving. We are at a pivotal moment, and this dialogue is just the beginning.
 

Messages to All Goldman Sachs People
David Solomon, Chairman and CEO of Goldman Sachs, shares his voice messages to all Goldman Sachs people. 

My Message On Inclusion
Read and Listen 

Juneteenth
Read and Listen 
 

This Is Our Moment to Get Involved
Goldman Sachs’ Chief Diversity Officer, Erika Irish Brown, shares guidance on contributing to the fight towards social justice and racial equity. Read More

To Everyone Who’s Asked, ‘How’s It Going?’
Fred Baba, a managing director in Global Markets, reflects on a raw and honest email he wrote about his experience with racism and discrimination as a Black man in America, as well as how his co-workers can best support the Black community moving forward. Fred spoke on the firm's Exchanges at Goldman Sachs podcast.  Listen Now

A Virtual Townhall with the Goldman Sachs Firmwide Black Network
Goldman Sachs’ Firmwide Black Network recently hosted a virtual townhall to share experiences with racial discrimination in the US and around the world. Lisa Opoku, global chief operating officer for the firm’s Engineering Division, moderated a discussion on how to bring the Black community—and its allies—together. Read More

Confronting Inequality and Injustice
Margaret Anadu, head of Goldman Sachs’ Urban Investment Group, discusses inequality, racial injustice and other issues that are impacting underserved communities around the country. Margaret appeared on The Daily Check-In. Watch Video

 

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