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Goldman Sachs pledges to invest $10 billion to the ‘One Million Black Women’ initiative

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Goldman Sachs bank announced it’s investing $10 billion over the next decade to advance racial equity and support Black women.

Goldman Sachs’ CEO David Solomon has been investing in women-led businesses and where he has prioritized since 2008 when the company launched its 10,000 Women global program. Today, he’s taking further steps by creating the ‘One Million Black Women” initiative that aims to impact 1 million Black women by 2030 through healthcare, jobs, student lending, gaining access to capital, and education.

Goldman is partnering with Black women-led organizations to better understand the barriers Black women face.

Marc Morial who is the president and CEO of the National Urban League and is on the One Million Black Women Advisory Council, knows the power of Black women and advocates for their advancement. “Black women have always been a force in our communities and are now emerging even more with the power and position they deserve,” he exclusively told Essence. “They are voters and drivers of consumer tastes. Black women are also drivers of culture, including fashion, music, and the arts, and now are making an undeniable impact on politics.”

The firm stated that reducing the earnings gap for Black women could create up to 1.2 million to 1.7 million jobs and add as much as $450 billion to the U.S. GDP annually. Investing in the initiative would tackle the “dual disproportionate gender and racial biases that Black women have faced for generations, which have only been exacerbated by the pandemic,” the bank said.

Goldman also plans to set aside an additional $100 million over the next decade for philanthropic ventures focused on African-American women.

“What Goldman Sachs is doing has the potential to materially impact the lives of Black women, their families and communities across the country,” said Melanie Campbell, a partner with Goldman Sachs on the program.

This is a step in the right direction. Hopefully more companies will join in the initiative.