Goldman Sachs has removed a key section on diversity and inclusion from its latest annual filing, signalling a shift in its corporate priorities. The move comes as Wall Street firms reassess their DEI (Diversity, Equity, and Inclusion) policies in response to recent political and legal developments.
The bank has scrapped several diversity targets, including its previous commitment to have Black employees make up seven per cent of its workforce in the Americas and the UK. It will no more pursue the goal for women to hold 40 per cent of vice-president roles. This change follows an executive order issued by US President Donald Trump, which banned federal contractors from engaging in what he called “illegal DEI programmes.” Companies that do not comply risk losing lucrative government contracts.
Goldman Sachs’ leadership has stated that adjustments were made in line with recent legal developments. However, the firm emphasised that it remains committed to attracting and retaining a diverse workforce, stating that merit and diversity are not mutually exclusive.
The bank’s decision is part of a broader trend across corporate America. Other major financial institutions have also scaled back their DEI initiatives in recent weeks. Citigroup recently removed its requirement for diverse candidate slates in job interviews, while Bank of America has rolled back parts of its diversity programmes.
Acording to media reports, Apple has also faced pressure to eliminate its DEI policies, with Trump urging the tech giant to follow suit.
The rollback at Goldman comes amid broader changes in corporate diversity policies. While the company continues to express support for diversity, these changes indicate a strategic pivot as legal and political pressu
