Goldman Sachs is updating its requirements for board candidates.
The Trump administration set the tone by dismantling diversity, equity, and inclusion (DEI) initiatives, programs, and roles at the federal level since he entered office in 2025, as AFROTECH™ previously reported. Since then, institutions across sectors have faced mounting pressure to follow suit. This includes Goldman Sachs.
A spokesperson for the investment bank said the following in April 2025, according to Fortune, “We strongly believe that organizations benefit from diverse perspectives, and Goldman Sachs is committed to operating our programs and policies in compliance with the law.”
However, Goldman Sachs has since shifted its tone about DEI. It plans to remove diversity factors such as race, gender identity, ethnicity, and sexual orientation from its criteria for board candidates, according to Reuters. The bank’s consideration of board candidates included viewpoints, background, work, and military service, but the diversity criteria, which fall under “other requirements,” are slated to be removed, The Times reported.
This decision followed a request from the National Legal and Policy Center, a conservative activist nonprofit that is also a small shareholder in the bank, in September 2025. The changes to the board’s criteria are expected to be approved in February, Bloomberg reported.
Goldman Sachs had previously ended a four-year policy that said it would not accept initial public offering business from companies with all-white, male boards and required two diverse board members, one being a woman, Fortune reported in another article. Additionally, the company removed its “diversity and inclusion” section from its annual filing last year, per Reuters.
Goldman Sachs is not alone. JPMorgan Chase CEO Jamie Dimon also pledged to uphold DEI, but the company later scaled back initiatives and adjusted the company’s website language around DEI, as AFROTECH™ previously reported. The company went on to replace DEI with DOI, which stands for diversity, opportunity, and inclusion, per Fox Business.
“The ‘e’ always meant equal opportunity to us, not equal outcomes, and we believe this more accurately reflects our ongoing approach to reach the most customers and clients to grow our business, create an inclusive workplace for our employees, and increase access to opportunities,” JPMorgan Chase Chief Operating Officer Jenn Piepszak said in a memo, according to the outlet.
Not all companies are joining Goldman Sachs and JPMorgan Chase. Companies that are still upholding DEI include Costco, Apple, and Levi’s, according to CNN.
