Goldman Sachs Group Inc. erased diversity targets from a key regulatory filing, becoming the latest Wall Street firm to turn away from specific goals for a more representative workforce after an executive order by President Donald Trump.
“We have made certain adjustments to reflect developments in the law in the US,” Chief Executive Officer David Solomon said in an emailed statement Thursday. “We strongly believe that merit and diversity are not mutually exclusive. Our people are a powerful example of that and that’s why we will continue to focus on the importance of attracting and retaining diverse, exceptional talent.”
The bank set specific goals in 2020 to achieve representation of 40% women globally in its vice president population; 7% Black professionals in the Americas and UK; and 9% Hispanic/Latinx professionals in the Americas. All three targets had a 2025 deadline but weren’t mentioned in the firm’s annual 10K filing on Thursday.
Goldman’s DEI retreat comes after it canceled a mandate for diversity at firms seeking its services on initial public offerings, and follows a wave of about-faces on the issue by rivals in the industry. Many of the banks have contracts with the federal government and are subject to an executive order — which is being challenged in court — that bans federal contractors from engaging in “illegal DEI” programs.
The Wall Street bank’s website also recently removed pages previously titled “Making Progress Towards Racial Equity” and “When Women Lead,” which detailed initiatives including its commitment to invest $10 billion to advance economic progress for Black women in the US. A separate page describing that program in more detail remains on the site.
Last week, Citigroup Inc. canceled diversity targets it had set in 2022, also with a 2025 deadline, and said it would no longer require diverse slates of job candidates or interviewers. Bank of America Corp. and Wells Fargo & Co. also rolled back similar initiatives this week.
In its most senior ranks, Goldman’s diversity still lags behind its Wall Street competitors. Of the six major US banks, it has the largest proportion of White men in executive and manager roles, according to government data, and a swath of high-level promotions in January reduced the proportion of women on its top management committee.
But unlike some other banks, Goldman publicly reported progress toward its targets. In 2023, women represented 33% of its vice president population globally, Black professionals accounted for 4% of its Americas and 5% of its UK vice presidents and Hispanic/Latinx professionals were 7% of its Americas vice presidents, according to last year’s annual filing.
The bank also aimed to double the number of campus hires in the US recruited from historically Black colleges and universities in 2025, compared to 2020. There was no mention of that in Thursday’s filing.