- Goldman Sachs mentioned diversity just 3 times in this year's report.
- It said its "aspirational hiring goals" will expire this year without saying if it would set new goals.
- The firm's CEO, David Solomon, pointed to the political landscape under the Trump administration.
Goldman Sachs tamped down the diversity language in its annual report as DEI efforts come under fire from the Trump administration.
The bank also said "aspirational hiring goals" it set five years ago expire this year without saying whether it planned to set new goals.
Goldman's 2024 annual report, filed with the Securities and Exchange Commission on Thursday, referenced diversity relating to human capital just three times, versus 14 in the 2023 report and 16 times in the 2022 report. The Wall Street bank also eliminated a section of the report previously titled "Diversity and Inclusion," its hiring breakdown by race and gender and its diverse hiring goals by race and gender.
Earlier this year, Goldman dropped a policy requiring companies it advises on IPOs to have at least two women directors.
Goldman isn't alone. The $11 trillion asset manager BlackRock this week also cut mentions of its "three pillar DEI strategy" in its annual report, as well as a breakout of its employee demographics by race and gender. It also amended the metrics used to determine borrowing costs for a $4.4 billion credit facility which was previously tied to its efficacy in boosting internal DEI targets.
The changes come as President Trump cracks down on DEI. In January, he invoked directed the Department of Justice to investigate DEI policies, prohibiting private organizations from instituting such initiatives in employment practices related to federal contracts.
In a statement, Goldman CEO David Solomon cited changes to the law.
"We have made certain adjustments to reflect developments in the law in the US," he said. "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."
Goldman said in the report that it still believes in a diverse workforce and would "continue to develop programs consistent with our fundamental commitment to inclusive merit-based promotion and compliance with the law."
The bank's 2023 report set goals to hire of 50% women analysts and associates, 11% Black professionals and 14% Hispanic/Latinx professionals in the Americas, and 9% Black professionals in the UK.
In 2023, it also broke down its workforce by race and gender, saying its analyst and associate hires included 49% women professionals, 9% Black professionals and 13% Hispanic/Latinx professionals in the Americas, and 15% Black professionals in the UK.
Also gone are mentions of Historically Black Colleges and Universities, or HBCUs. In the 2023 report, Goldman said it would seek to double the number of campus hires in the US recruited from HBCUs in 2025 relative to 2020.What's more, a breakdown of the firm's aspirational goals for diverse hiring is also missing.
For Goldman, DEI has historically been framed as a business imperative. In its 2022 annual report, the firm stated that "diversity at all levels" was "essential to our sustainability" and cited efforts to increase representation among women and underrepresented groups. At the time, the firm touted stats, such as one where it said approximately 57% of Goldman's board was diverse by race, gender, or sexual orientation.
Even so, its track record on DEI has come under fire for other reasons. Last year, reporting from The Wall Street Journal found that numerous senior women at the bank felt it hadn't done enough to support their career prospects or advancement, and was still heavily male-dominated.
Reed Alexander is a reporter for Business Insider. He can be reached via email at ralexander@businessinsider.com, or SMS/the encrypted app Signal at (561) 247-5758.
