Goldman Sachs will drop a demand that corporate boards of directors include women and members of minority groups as financial firms backpedal from D.E.I. promises.The New York Times reports that the Wall Street has not been known for its efforts towards promoting diversity and inclusion for women and minority groups. This is evident in the fact that most major banks are named after the Morgan family rather than being led by a female CEO. However, in the past few years, there has been a shift in the financial services industry as big names in finance have pledged to invest in underserved communities through lending, hiring, promoting, and working with these groups.
Unfortunately, with the current administration’s campaign against diversity, equity, and inclusion, many of these efforts are now being scaled back. This includes white-collar investment banks, consultancies, mutual funds, and stock exchanges. The most recent example is Goldman Sachs, which announced on Tuesday that it would no longer enforce a quota for women and minority representation on corporate boards. Other firms on Wall Street are also reducing their efforts to recruit Black and Latino employees. Even international bank BNP Paribas has put a hold on programming for International Women’s Day next month.
While this pullback may not be as overt as in the technology industry, where executives have openly supported President Trump’s anti-diversity initiatives, it is still concerning. Some financial firms had already started making changes before the election, such as opening programs aimed at minority candidates to all. However, this recent trend of scaling back diversity and inclusion efforts is a step in the wrong direction.
It is important for news outlets to report on these developments and hold companies accountable for their actions. The New York Times will continue to provide updates on this issue and other important news. Thank you for your patience while we verify access. If you are in Reader mode, please exit and log into your Times account, or subscribe for full access to all of The Times’ content. Already a subscriber? Log in. Want to read all of The Times? Subscribe now.
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