Goldman Sachs Defends Diversity Efforts Amid Criticism From Advocacy Group

Color of Change accuses bank of funding attacks on civil rights, weakening DEI commitments

Apr. 8, 2026 at 2:07pm

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Goldman Sachs is pushing back against claims from racial justice advocacy group Color of Change that it is retreating from its diversity, equity, and inclusion (DEI) efforts. Color of Change accused the bank's employee donor advised fund, Goldman Sachs Gives, of 'funding attacks on civil rights' and directing funds to anti-DEI organizations. The group also said Goldman has weakened some of its public commitments around DEI programs and initiatives. However, Goldman says it remains committed to diversity, even as the legal landscape around diversity-related recruiting and hiring targets continues to shift.

Why it matters

This case highlights the ongoing tensions between corporations, advocacy groups, and the shifting political landscape around diversity and inclusion efforts. As the Trump administration has taken steps to restrict DEI programs, companies like Goldman Sachs are facing increased scrutiny and pressure to maintain their public commitments to diversity.

The details

Color of Change's accusations come as Goldman appears to be adjusting aspects of its DEI approach. The bank has signaled a shift, including plans to remove diversity factors from its criteria for board candidates and reducing mentions of 'diversity' in its public disclosures. Goldman has also expanded its One Million Black Women initiative to support other groups beyond just Black women. The advocacy group says Goldman's funding is 'directly contributing to the dismantling of our democracy and its advancement' of 'modern segregation'.

  • In February 2025, a Goldman Sachs spokesperson said the bank is 'committed to operating our programs and policies in compliance with the law'.
  • In September 2025, Goldman announced plans to remove diversity factors from its criteria for board candidates following a request from the conservative nonprofit National Legal and Policy Center.
  • In 2026, the word 'diversity' appeared 6 times in Goldman's proxy statement, down from 39 times in 2024.

The players

Color of Change

A racial justice advocacy group that develops public campaigns to raise awareness of issues including economic equity, criminal justice reform, and digital safety for Black communities.

Goldman Sachs

A major investment bank that is facing criticism from Color of Change over its diversity, equity, and inclusion efforts.

Goldman Sachs Gives

The employee donor advised fund of Goldman Sachs, which Color of Change has accused of 'funding attacks on civil rights'.

Tony Fratto

A spokesperson for Goldman Sachs who has defended the bank's commitment to diversity.

National Legal and Policy Center

A conservative nonprofit that requested Goldman remove diversity factors from its criteria for board candidates.

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What’s next

Color of Change says it plans to launch billboard ads about Goldman Sachs in Dallas, TX, and Salt Lake City, UT, two cities where the bank has significant operations.

The takeaway

This case highlights the ongoing tensions between corporations, advocacy groups, and the shifting political landscape around diversity and inclusion efforts. As companies navigate changing legal and regulatory environments, they must balance their public commitments to diversity with operating within the bounds of the law, which is leading to difficult decisions and increased scrutiny from civil rights groups.