May 4th 2025.
Goldman Sachs, a well-known financial firm, made headlines in 2021 with the launch of its One Million Black Women initiative. This initiative was a significant investment of billions of dollars into Black women and their businesses, showcasing the firm's commitment to diversity, equity, and inclusion. However, in light of the Trump administration's scrutiny of such efforts, Goldman Sachs has recently revised the descriptions of these programs on their website in an attempt to avoid backlash.
Despite these changes, it is unlikely that Goldman Sachs will escape scrutiny. While their terminology may appear to be race-neutral, the use of images and research reports featuring Black women, along with titles such as "Black Womenomics," still draw attention to the initiative's focus on Black women. Sources familiar with the program reveal that the firm's legal division has been leading these changes, prompted by a 2023 Supreme Court ruling that deemed affirmative action in college admissions unconstitutional.
Ashai Pompey, Goldman Sachs' global head of corporate engagement, explains that One Million Black Women is just one aspect of the company's broader strategy to promote economic growth and job creation in both rural and urban communities across America. She also assures that the firm regularly evaluates its programs to ensure they are impactful, aligned with their values, and compliant with the law.
Initially, Goldman Sachs had stated that it would invest $10 billion and $100 million in philanthropic efforts by 2030, specifically targeting economic opportunities for Black women. However, as the program evolved, the firm shifted its focus to include not just Black women, but low- and moderate-income populations as well. This change has had disastrous effects on Black nonprofits, such as The Prosperity Project run by Briana Franklin. The organization, which provided financial coaching, student debt relief, and career services to Black women, relied heavily on funding from Goldman Sachs. When the firm ended its support in early 2024, The Prosperity Project was forced to close its doors in August of that year.
Interestingly, despite the program's name, it no longer solely focuses on Black women. This shift in focus is in stark contrast to the firm's earlier promises and is a reflection of the changing political climate surrounding diversity, equity, and inclusion. However, Pompey, a Black woman herself, maintains that Goldman Sachs remains committed to the objectives of the One Million Black Women program and operates within the bounds of the law. She acknowledges the current climate but assures that the firm's dedication to the program remains strong.
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