Letha Pugh, cofounder of Bake Me Happy, has seen firsthand what an investment from Goldman Sachs can mean. Goldman will also set aside an additional $100 million over the next decade for philanthropic ventures focused on African-American women. Building on its success, initial investments for the One Million Black Women initiative will focus on increasing opportunity in key moments in Black womens lives. Goldman Sachs Specific plans for how the money will be deployed have not yet been announced, a Goldman representative said. Goldman Plans $10 Billion Initiative in Support of Black Women Seven impact May 26, 2021. To help close the wage gap, the firm recommends businesses hire more Black women in high-paid positions, achieve pay equity, and invest more in Black female founders, like Cook, who can create jobs. The banks One Million Black Women initiative is a part of its commitment to impact the lives of at least one million Black women by 2030, the company said. If we had said $500 million, we would have done some good things for a year, but it wouldnt have the tangible impact that were really trying to have Impact comes with sustained effort over a long period of time. If after six months from now people are going to say, Okay, wheres the beef, the response is going to be, Were just getting started. Theres a tendency with these things for companies to make an announcement and then for it to fade away. Against the backdrop of protests over the death of African-American George Floyd last year, major companies have pledged to increase diversity, donate to civil rights groups and change their policies. Goldman Sachs invests more than $10 billion to impact the Lives If you take a look at the National Urban League, our workforce is now 70 percent women, continues Morial. Other One Million Black Women Advisory Council members include: Melissa L. Bradley, Managing Partner, 1863 Ventures; Rosalind G. Brewer, Chief Executive Officer, Walgreens; Bill Bynum, CEO of Hope Enterprise Corporation and Hope Credit Union; Melanie Campbell, CEO of The National Coalition on Black Civic Participation, Convener of The Black Womens Roundtable; Thelma Golden, Director and Chief Curator, The Studio Museum in Harlem; Lisa P. Jackson, Vice President, Environment, Policy and Social Initiatives, Apple; Valerie B. Jarrett, Senior Distinguished Fellow, The University of Chicago Law School; Lisa Mensah, President & Chief Executive Officer, Opportunity Finance Network; Dr. Valerie Montgomery Rice, President and Dean, Morehouse School of Medicine; Marc H. Morial, President and CEO, National Urban League; Dr. Dambisa Moyo, Co-principal of Versaca Investments, Global Economist & Author; Issa Rae, Actress, Writer, and Producer; Secretary Condoleezza Rice, Tad and Dianne Taube Director of the Hoover Institution and the Thomas and Barbara Stephenson Senior Fellow on Public Policy; Dr. Ruth J. Simmons, President, Prairie View A&M University and Darren Walker, President, Ford Foundation. Launched in partnership with Black women-led organizations, Goldman Sachs One Million Black Women is a commitment of $10 billion in direct investment .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved, Save up to $15 with TurboTax coupon May 2023, Get a $50 reward card using this AT&T promo code, Epic Bundle - 3x Expert Stock Recommendations, 15% Off DIY Online Tax Filing Services | H&R Block Coupon, 10% TopResume Discount Code for expert resume-writing services. Why Goldman Sachs is investing billions toward addressing the Goldman Sachs launches $10 billion Black women equity initiative We believe that Black women in America are the best investment that you can make today if you care about those issues, says Dina Powell McCormick, global head of sustainability and inclusive growth at Goldman Sachs. 87990cbe856818d5eddac44c7b1cdeb8, Continue reading your article witha WSJ subscription, Already a subscriber? Goldman Sachs to invest $10 bln over 10 years to support Black Over the past few yearsand notably in 2020, in the wake of the deaths of Breonna Taylor and George Floydcountless companies and organizations made pronouncements against systemic racism, social injustices and the inequities that feed widening wealth and health disparities in America. In partnership with Black women-led organizations, financial institutions and other partners, Goldman Sachs will commit $10 billion in direct investment capital and $100 million in philanthropic capital over the next decade to address the dual disproportionate gender and racial biases that Black women have faced for generations, 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. So to focus on an initiative like this, against the backdrop of facing double barriers of race and gender, is timely, critical and necessary.. The initiative aims to impact 1 million Black women by 2030 through Exclusive: Goldman Sachs Invests $10 Billion In New 'One Million Goldman Sachs Group Inc. said it will commit $10 billion in investment capital over the coming decade to help address the disproportionate biases that Black Goldman would also set aside an additional $100 million over the next decade for philanthropic ventures focused on African-American women, it said. NOW WATCH: Can the US actually implement a nationwide lockdown? Reducing the earnings gap for Black women could potentially create between 1.2 million and 1.7 million jobs in the United States, the company said, citing research. Goldman created a $10 million fund last year to promote racial equity, and had then said it invested around $200 million over the decade to organizations dedicated to serving communities of color. Candid gets you the information you need to do good. Goldman Sachs One Million Black Women Announces Latest Get browser notifications for breaking news, live events, and exclusive reporting. Initial efforts under the commitment include a partnership with Hope Enterprise Corporation, mayors, and historically Black colleges and universities to distribute startup and make loans across the American South. ESSENCE.com is part of ESSENCE Communications, Inc. The OMBW focus areas include health care, housing, job creation, broadband, education, student lending, financial health, entrepreneurship and small businesses. "This initiative is transformational," said Melanie Campbell, convener of the Black Women's Roundtable and president and CEO of the National Coalition on Black Civic Participation. "In the face of significant disparities, they've shown admirable resilience, especially as they're starting businesses faster than anyone else in the U.S. Building on our twenty-year history of investing in female entrepreneurs and underserved communities, we are now proud to partner with Black female-led organizations and an outstanding advisory council to invest in opportunities to unlock their economic and leadership potential.". Stay up to date with what you want to know. But this initiative is not normal. A Goldman Sachs report shows Black American women hold 90% less wealth than White American men. Goldman Sachs is set to invest $10 billion in an initiative called "One Million Black Women." The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Goldman Sachs Because when Black women win, everybody wins. The result: Solomon and a team of executives decided to invest $10 billion to impact at least one million Black women. WebBlack Women Impact Grants is a $10 million grant program with an open call application process for Black women-led charitable nonprofits. Partners include Black women's organizations such as Alpha Kappa Alpha Sorority, Delta Sigma Theta Sorority, Zeta Phi Beta Sorority, Sigma Gamma Rho Sorority, the National Council of Negro Women, Power Rising, Black Women's Roundtable and the National Coalition on Black Civic Participation, Walker's Legacy Foundation, Sistahs in Business Expo, and The Links, Inc.. Goldman will also set aside an additional $100 million over the next decade for philanthropic ventures focused on African-American women. Center for Maternal Health Equity at Morehouse School of Medicine (Atlanta, Georgia) will ", According to Goldman Sachs, reducing the earnings gap for Black women has the potential to create up to 1.7 million U.S. jobs and increase the U.S. GDP by between $300 billion and $450 billionannually in current dollars. The Goldman Sachs | Privacy Policy | Terms of Use | Essence.com Advertising Terms. However, one company just announced the most historic investment ever in the most neglected person in America. The new initiative, called "One Million Black Women," aims to impact 1 million Black women by 2030, the bank said in a statement. On Wednesday, Goldman Sachs announced it is rolling out the latest part of its $10 billion investment in Black women in the US. The industry leader for online information for tax, accounting and finance professionals. I know what its like to live in a place that doesnt offer much and what its like to live in places that do. Goldman Sachs has announced the initial recipients of grants and investments awarded through its One Million Black Women initiative. (bit.ly/3ereV4m). Goldman did not include a timeline. The initiative is named for and guided by the organizations goal of impacting the lives of at least one million Black women by 2030. Bloomberg Law speaks with prominent attorneys and legal scholars, analyzing major legal issues and cases in the news. At the end of the town hall, Solomon said "I want us to do something as a firm. By clicking Sign up, you agree to receive marketing emails from Insider The investment came after a virtual town hall in the wake of George Floyd's death. She, Pompey, and Anadu are spearheading the initiative. Visit Echoing Greens website to learn more about the partnership and apply. NEW YORK (CBSNewYork) -- Goldman Sachs has announced a new multi-billion dollar plan to improve the economic standing of Black women. What Goldman Sachs is doing has the potential to materially impact the lives of Black women, their families and communities across the country. According to research from Goldman Sachs, reducing the earnings gap for Black women could create between 1.2 and 1.7 million jobs in the US, as well as increase the annual U.S. GDP by I just went into, Okay. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. So African-American women may be 60 percent of our total workforce, including a majority of the leadership team., He continues: You wouldnt count these numbers 20 years ago, or even 15 years ago. Were very prepared for that., Marc Morial, president and CEO of the National Urban League, who also sits on the One Million Black Women Advisory Council, has long understood the power of Black women and advocated for their advancement. The initiative also is being informed by Black women employees of Goldman Sachs, as well as alumnae of its10,000 Small Businessesinitiative. Select the newsletters you'd like to receive: By clicking Subscribe Now, you agree to our, With the largest ever investment to focus exclusively on Black women, the financial giant aims to narrow opportunity gaps and contribute to the advancement of racial equity, more educated than any other group by percentage of degrees earned. Offers may be subject to change without notice. This is the largest investment Goldman Sachs has ever made, it said. In recent months, the financial services giant has joined with partner organizations to beetter understand the barriers to opportunity Black women face and how targeted investments can address those barriers. "These are the foundational elements in a Black woman's life that really drive economic prosperity, and we think when we can start to narrow some of those opportunity gaps, we unlock her potential," said Margaret Anadu, partner at Goldman Sachs and head of the urban investment group. as well as other partner offers and accept our. The goal is to "What Goldman Sachs is doing has the potential to materially impact the lives of Black women, their families, and communities across the country. Distribution and use of this material are governed by In one-on-one interviews, Rubenstein will learn investing strategies and tactics from some of the world's top wealth creators. ", Cook opened Harriett's just weeks before the coronavirus pandemic triggered worldwide closures and restrictions. Through this philanthropic partnership with Goldman Sachs, Echoing Green will launch a new cohort of Echoing Green Fellows who are working to positively impact and radically transform the futures of Black women and girls across the U.S. knowing that their efforts will have a global impact. 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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. NOW WATCH: The rise and fall of the cruise industry, Goldman Sachs is set to invest $10 billion in an initiative called "One Million Black Women.". (https://bit.ly/3ereV4m). Goldman Sachs One Million Black Women Announces 50 "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, in the statement. March 11, 2021 The Goldman Sachs Group has announced a ten-year, $10 billion commitment, including $100 million in philanthropic capital, aimed at advancing Asahi Pompey, global head of corporate engagement and president of the Goldman Sachs Foundation, was one of those executives. The report that informed this decision had a clear takeaway. If we had said $500 million, we would have done some good things for a year, but it wouldnt have the tangible impact that were really trying to have Impact comes with sustained effort over a long period of time. Goldman Sachs said Wednesday it will commit $10 billion over the next decade toward advancing racial equity and economic opportunity for Black women. Today, hes taking that responsibility several steps forward. For Goldman Sachs CEO David Solomon, investing in women-led businesses has been a values-driven focus since 2008, when the financial giant launched its 10,000 Women global program. This is the largest ever investment to focus exclusively on Black women. The firm's CEO David Solomon has tasked Black female execs with leading the investment. By clicking Sign Up, you also agree to marketing emails from both Insider and Morning Brew; and you accept Insiders. Goldman Sachs to invest $10 billion over 10 years to support In exclusive interviews with ESSENCE, Goldman Sachs shared plans for its One Million Black Women (OMBW) initiative, a $10 billion investment in support of Black women over the next 10 years. "Our newly published research, Black Womenomics, suggests that no investment could have a bigger impact than unlocking the economic potential of Black women," said Goldman Sachs chair and CEO David M. Solomon.
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