Goldman Sachs dials back diversity initiatives amid legal shifts

Goldman Sachs has revised its diversity initiatives to align with recent legal changes in the U.S., removing specific diversity targets from its annual report, which has drawn criticism amid a broader trend among financial firms to dial back their diversity, equity, and inclusion (DEI) commitments. CEO David Solomon emphasized that the bank continues to value both merit and diversity, stating that adjustments were necessary to comply with new legal standards. The bank's 2024 report included significantly less mention of diversity compared to previous years, reflecting a shift in focus away from explicit hiring goals. This change follows an executive order by former President Trump that challenged DEI policies in federal contracting. Other firms like BlackRock have similarly reduced their DEI metrics in their reports. Despite these adjustments, Goldman Sachs maintains a commitment to inclusive practices and plans to develop programs that support a diverse workforce.