Goldman Sachs scrubs mentions of Black from racial diversity web page amid DEI rollback

Goldman Sachs has scrubbed mentions of “Black” and other references to race from its official website touting a diversity initiative amid an industrywide rollback of so-called DEI programs and increasing scrutiny from the Trump administration, according to a report.In 2021, the Wall Street giant launched the “One Million Black Women” program in which it pledged $10 billion in investments and $100 million in philanthropy specifically aimed at supporting black women.Goldman in recent weeks has revised promotional language for its “One Million Black Women” initiative, removing explicit references to race and reframing the program in more generic economic terms, the Wall Street Journal reported.A comparison of old and new text shows that phrases like “for one million Black women by 2030” and “Black women’s lives” were deleted, while broader terms such as “growth and opportunity” were added.The bank also replaced repeated mentions of “One Million Black Women” with “Goldman Sachs” in several places, shifting the emphasis from a demographic focus to the institution itself.Another diversity-based Goldman initiative called “Black in Business,” which was originally designed explicitly for black businesswomen, has also had racial references removed.The program’s description now simply states it helps entrepreneurs “stay in the black,” referring generally to maintaining profitability.Additionally, updated figures show an increase in financial commitments, with investment capital rising from “nearly $3 billion” to “$3.6 billion,” and philanthropic support increasing from “$39.4 million” to “$41 million.”The changes appear aimed at preserving the program’s economic goals while minimizing legal risks associated with race-specific language.Goldman instituted changes to the program two years ago by opening it up to all solo entrepreneurs — though the bank quietly removed explicit references to race from the program’s ...