The multinational investment bank Goldman Sachs announced it is rolling out the latest part of its $10 billion investment in Black women in the U.S.
Goldman is partnering with Loop Capital, a Black-led financial services firm, to provide clients of both firms with funds to invest in programs for Black women pursuing STEM careers. The tech giant Google is contributing $500 million to the effort.
“This launch with Google demonstrates our shared commitment to both partner with organizations like Loop Capital that are led by Black women and to create commercial solutions to advance racial equity,” Margaret Anadu, Global Head of Sustainability and Impact for Goldman Sachs said in a statement. “Rooted in our belief that diversity is foundational to success, this partnership will create opportunities for young Black women pursuing careers in STEM and related fields, aligning directly with our One Million Black Women initiative.”
According to a Goldman Sachs study, investing in Black women will have a significant impact on today’s economy. The study shows closing the earnings gap for Black women will raise the country’s GDP by $450 billion a year.
Several large corporations including AARP, Nationwide Insurance, Apple and CIti have hired Black women as their chief diversity and inclusion officers to better diversify their companies and executives.
Many of these changes and initiatives came amid the death of George Floyd last summer which kicked off a nation and worldwide protest movement for racial equity and equality.
Goldman CEO David Soloman has assembled a team of Black women to oversee the firm’s investment Walgreens CEO Roz Brewer, “Insecure” actress Issa Rae and former Secretary of State Condolezza Rice are all on the board of directors for the project.
Asahi Pompey, global head of corporate engagement and president of the Goldman Sachs Foundation said in a statement that Goldman’s board give the company a distinct advantage
“Those closest to the problem are also closest to the solution,” she said. “Very often other people assume and don’t ask Black women ‘What would make a difference in your communities?'”