(Bloomberg) -- Goldman Sachs Group Inc. is expanding the mandate of a diversity initiative it rolled out last year to include people of color as it looks to channel more money toward under-served entrepreneurs.
Key Insights:
- Goldman pledged as much as $500 million to fund more female entrepreneurs and investors through an initiative called “Launch With GS” that was announced last June and is being spearheaded by Chief Strategy Officer Stephanie Cohen.
- David Solomon, who rose to chief executive officer in October, is leaning on the team running the effort to broaden its scope to include people of color. He shared the expanded goal with the firm's employees on Monday.
- Goldman made more than $100 million in investments in women-led companies by the end of 2018, Solomon said in his annual message.
Know More:
- The firm recently instituted a diversity policy that requires at least two diverse candidates be interviewed for any job opening.
- Solomon will be among bank CEOs testifying in front of Congress later this week, in the first hearing of this kind in a decade. The House Committee on Financial Services session could touch on Goldman's commitment to diversity.
To contact the reporter on this story: Sridhar Natarajan in New York at snatarajan15@bloomberg.net
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Dan Reichl, Steven Crabill
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