Mo’ money, mo’ opportunities.
Dubbed One Million Black Women Goldman Sachs is pledging to advance racial equity and economic opportunity by committing $10 billion in direct investment capital and $100 million in philanthropic capital over the next decade to address “the dual disproportionate gender and racial biases that Black women have faced for generations, which have only been exacerbated by the pandemic.” By 2030 they believe they’ll reach their goal.
Goldman Sachs’ CEO David Solomon released a statement to Essence on the new initiative saying;
“Given all that’s happened over the course of the last year, we’ve done a lot of talking at the firm—and even more listening—to help us figure out how we can do more to end the racial inequity and the gaps that have existed in society for well too long.
What we’re trying to do is to set up the infrastructure, the commitment, and the resources to have something that’s sustainable over a long period of time to really make a difference. If after six months from now people are going to say, ‘Okay, where’s the beef,’ the response is going to be, ‘We’re just getting started.’ There’s a tendency with these things for companies to make an announcement and then for it to fade away. If we had said $500 million, we would have done some good things for a year, but it wouldn’t have the tangible impact that we’re really trying to have… Impact comes with sustained effort over a long period of time. We’re very prepared for that.”
Black women leaders across Goldman Sachs are at the helm of this initiative to keep it on track and they’re working alongside an Advisory Council of Black leaders. That group includes Black CEOs, Black College Deans and Presidents, Valerie Jarrett, Condoleeza Rice, and even Issa Rae.
The full advisory council list is below:
Melissa L. Bradley
Rosalind G. Brewer
Lisa P. Jackson
Valerie B. Jarrett
Dr. Valerie Montgomery Rice
Marc H. Morial
Dr. Dambisa Moyo
Secretary Condoleezza Rice
Dr. Ruth J. Simmons
What do YOU think about Goldman Sachs’ One Million Black Women initiative? Read up on it HERE.