On March 9, Goldman Sachs announced its new One Million Black Women (OMBW) initiative, a $10 billion investment to positively impact at least one million Black women by 2030. Building on the success of the Goldman Sachs 10,000 Small Businesses program, OMBW investments will focus on health care, housing, job creation, broadband, education, student lending, financial health, and entrepreneurship.
OFN President and CEO Lisa Mensah will join the OMBW Advisory Council, along with Bill Bynum, CEO of OFN member Hope Enterprise Corporation and Hope Credit Union; Marc Morial, President and CEO of National Urban League and 2020 OFN Conference keynote speaker; Issa Rae, writer, producer, and actress; Secretary Condoleeza Rice; and a cohort of other distinguished leaders representing a cross-sector of industries nationwide.
In exclusive interviews with ESSENCE announcing the initiative, Goldman Sachs CEO David Solomon talked about the company's efforts to do more to end racial inequity and close longstanding wealth gaps:
“There’s a tendency with these things for companies to make an announcement and then for it to fade away. If we had said $500 million, we would have done some good things for a year, but it wouldn’t have the tangible impact that we’re really trying to have…Impact comes with sustained effort over a long period of time. We’re very prepared for that.”
In addition, Margaret Anadu, Goldman Sachs global head of sustainability and impact for asset management and also a 2020 OFN Conference speaker, shared her perspectives:
“How we hire women, how we retain women, how we promote women, how we invest in their companies — this is a massive cultural issue with deep roots...The private sector has a role to play and capital has a role to play. I think that’s also what I’d love to be clear here at this moment.”
Learn more about the One Million Black Women campaign.