Goldman Sachs pledges $10 billion, launches new initiative supporting Black women

Goldman Sachs pledges $10 billion, launches new initiative supporting Black women

Goldman Sachs on Wednesday announced plans to commit $10 billion in funding over the next decade toward advancing racial equity and economic opportunity for Black women.

Called "One Million Black Women," the new initiative will focus on areas including access to capital, job creation, financial health and workforce advancement. Goldman says the effort is "the largest announcement of its kind in size and scope." 

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

The bank will also invest $100 million in philanthropic capital over the next decade. The targeted funding will take the form of direct investing, as well as grants. The firm said that initial investments are already underway.

The program's goal is to positively impact the lives of at least one million Black women by 2030, and its advisory council includes former Secretary of State Condoleezza Rice.

Goldman's announcement comes as employees, shareholders and society more broadly have called on corporate America to do more in the fight against systemic racism. Many companies have announced new diversity and inclusion measures, but whether these initiatives translate into real progress remains to be seen.

In conjunction with its funding announcement, Goldman released a report called "Black Womenomics,"