Goldman Sachs is retooling its biggest diversity program to remove references to race.
The Wall Street giant four years ago launched its “One Million Black Women” program, a multibillion-dollar commitment to invest in Black women. In recent weeks, the bank removed mentions of “Black” from the program’s home page, without changing its name.
An educational program for Black businesswomen was also recently scrubbed of references to race. Goldman’s site now just says its “Black in Business” program helps entrepreneurs “stay in the black,” a reference to being profitable.
Goldman, like much of corporate America, has been combing through its diversity, equity and inclusion initiatives to ensure that it doesn’t run into legal troubles, while trying not to entirely abandon its pledges. The bank is treading a fine line. While Goldman has been changing words, the program’s sites still feature photos of Black women and research reports about “Black Womenomics.”
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Reassessments of the programs began in 2023, when the Supreme Court ruled that race-based affirmative action in college admissions is unconstitutional. Not long afterward, Goldman opened up its Black in Business program to everyone.
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A senior Goldman executive now says One Million Black Women isn’t just for Black women, but for low- and moderate-income populations.
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