Goldman Sachs is doing what many are considering “unprecedented.”
In a story first featured exclusively in Essence, it was announced that the banking giant is investing a gob-smacking $10 billion into what it’s calling its One Million Black Women (OMBW) initiative. The initiative pledges a $10 billion investment in support of Black women over the next 10 years.
“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,” said David Solomon, Goldman Sachs CEO, in a statement to Essence. “Impact comes with sustained effort over a long period of time. We’re very prepared for that.”
Earlier today, the Goldman Sachs CEO went on CBS This Morning with Margaret Anadu, head of the Urban Investment Group, to talk more about the One Million Black Women initiative. They also addressed how they hope this initiative will help the economy get back on track in the wake of the COVID-19 pandemic, citing the example of a Bronx woman whose company experienced exponential growth thanks to the banking giants’ efforts.
You can check out the video from that interview below.