Asahi Pompey shared a public letter to her 11-year-old son in a Goldman Sachs town hall that spurred the massive investment.
Goldman Sachs is rolling out a new initiative that’s part of its $10 billion investment in Black women.
The firm’s CEO David Solomon has tasked Black female execs with leading the investment.
The investment came after a virtual town hall in the wake of George Floyd’s death.
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On Wednesday, Goldman Sachs announced it is rolling out the latest part of its $10 billion investment in Black women in the US.
The financial behemoth is partnering with Black-led financial services firm Loop Capital. Together, they’re providing clients of both firms with funds to invest in programs that support Black women pursuing STEM careers. Google is supporting the initiative with a $500 million investment.
“This launch creates a partnership for corporations to use the cash on their balance sheets to further opportunities for Black women and have a real, lasting impact on communities far and wide,” Kourtney Gibson, president of Loop Capital Markets, said in a press release.
Goldman’s $10 billion investment in Black women was born out of a raw, emotional conversation CEO David Solomon facilitated at the firm in June of 2020. A few days after the murder of George Floyd, Solomon called a company-wide virtual town hall meeting. He invited three Black executives at the firm to share their perspectives on the Black American experience.
Asahi Pompey, global head of corporate engagement and president of the Goldman Sachs Foundation, was one of those executives. During the town hall, she shared a public letter to her 11-year-old son where she expressed her worries for his life.
At the end of the town hall, Solomon said “I want us to do something as a firm.”
Shortly after, Solomon asked the firm’s research branch where Goldman Sachs could have the most impact to uplift Black Americans. The result: Solomon and a team of executives decided to invest $10 billion to impact at least one million Black women. The investment is aptly called “1 Million Black Women.”
The report that informed this decision had a clear takeaway. Investing in Black women would have a substantial impact on the economy. The research team estimated that confronting the earnings gap for Black women could raise the country’s GDP by 1.4% to 2.1% each year, or up to $450 billion.
“The town hall fundamentally changed the firm,” Gizelle George-Joseph, chief operating officer of global investment research at Goldman Sachs, told Insider. She and Pompey are spearheading the investment. George-Joseph, who oversaw the research behind the investment, is consulting with executives like Pompey to make sure the money is invested in places that will have the most impact. Specific plans for how the money will be deployed have not yet been announced, a Goldman representative said.
“We found that if we can equalize Black women’s positions because they are one of the most marginalized groups in this country, then it’s not just an investment …read more
Source:: Business Insider