Goldman Sachs is launching a new initiative with a dual mandate to address both gender and racial bias against Black women.
One Million Black Women is a partnership that will commit $10 billion in direct investment capital and $100 million in philanthropic funding, including grants, to support programs and resources that influence key moments in Black women’s lives, from childhood through retirement. Investments will range from improving health care, education, and housing to increasing access to business loans. It aims to positively impact at least one million Black women by 2030.
“If we can make our economy work for Black women, we all benefit,” said Margaret Anadu, global head of sustainability and impact for Goldman Sachs Asset Management, in a press release.
Black women currently earn 15% less than white women and 30% less than white men, according to the Bureau of Labor Statistics’ fourth quarter 2020 report, yet, they are starting businesses faster than anyone else in the U.S. If the earnings gap could be narrowed for Black women, Goldman Sachs estimates 1.2 million to 1.7 million jobs could be created and as much as $450 billion could be added to the annual U.S. GDP.
The initiative will begin with a series of listening sessions across the country to learn which resources and programs can be most impactful at key moments in Black women’s lives and where investment capital should be directed.
“Our newly published research, Black Womenomics, suggests that no investment could have a bigger impact than unlocking the economic potential of Black women,” said David M. Solomon, chairman and CEO of Goldman Sachs, in a press release.
In this endeavor, Black women leaders from Goldman Sachs will work alongside Black women-led organizations, financial institutions, and other partners, as well as an advisory council that includes former Secretary of State Condoleeza Rice.