Goldman Sachs, the global investment banking giant, appears to be softening the racial framing of its high-profile initiative aimed at supporting Black women in business — a shift that’s raising eyebrows even as the firm maintains public-facing signs of its original mission.
Originally launched in 2021, the “One Million Black Women” initiative from Goldman Sachs was billed as a pioneering effort — a $10 billion investment promise backed by $100 million in philanthropic funding, all aimed at boosting economic opportunity for Black women across every stage of life, from childhood through to retirement. The idea was to intervene where smart investment could have the most impact. So far, the firm reports having put $3.6 billion of that investment capital to work, alongside $41 million in philanthropic funding. But over the past few months, the company has made quiet but significant changes to how the programme is described online. Where the firm once explicitly referred to Black women, it now leans on more neutral phrases — focusing on “small businesses” and “low- and moderate-income populations.”
According to a report by The Wall Street Journal, Goldman’s legal team has been leading this rebranding effort. The timing follows the US Supreme Court’s 2023 decision that effectively banned affirmative action in university admissions, sparking broader scrutiny of corporate diversity, equity, and inclusion (DEI) schemes.
Despite the linguistic shift, Goldman Sachs continues to use imagery of Black women in its promotional materials and research, including in its well-circulated “Black Womenomics” report. Critics say this mixed messaging does little to shield the firm from legal or political blowback — and worse, it may be undermining the very communities the original programme was designed to support.
One such casualty is The Prosp(a)rity Project, a nonprofit that focused on financial literacy, student debt relief, and job support for Black women. Its founder, Briana Franklin, says the early termination of Goldman’s funding — which once made up nearly 40% of the organisation’s budget — forced her to shut down entirely in August.
In a statement to the media, Ashai Pompey, Goldman Sachs’ global head of corporate engagement, said: “One Million Black Women is one component of our longstanding commitment and broader strategy focused on advancing small businesses, job creation, and economic growth in rural and urban communities across America. We regularly evaluate our programs to ensure they are impactful, align with the firm’s strategy, and are compliant with the law.”
The shift also affects Goldman’s “Black in Business” initiative, which has been rebranded and repositioned as part of a more generalised push for entrepreneurship among underserved populations. The philanthropic arm of the programme, initially aimed at Black women-led nonprofits, is now being redirected towards operational costs within the rebranded initiative itself.
Pompey, who herself is a Black woman, told The Guardian: “We are very focused on achieving the objectives of our program. Of course, we do that in operation and in compliance with laws, but our commitment to One Million Black Women is strong.”
While Goldman insists its commitment remains firm, advocates and affected partners are left questioning whether the heart of the programme is being quietly hollowed out, a casualty of shifting political tides and corporate caution.
