The “One Million Black Women” initiative is Wall Street’s latest endeavor in promoting equity in the financial industry.
What We Know:
- Goldman Sachs announced that they would invest more than 10 billion dollars in improving black women’s economic status during the next decade on Wednesday. Forbes says the strategy would fight the “dual disproportionate gender and racial biases that Black women have faced for generations, which have only been exacerbated by the pandemic.”
- The increased scrutiny of financial inequality aided the project’s creation. The criticism of Wall Street worsened after protests for George Floyd’s death last summer. People were reminded that United States banks contributed to the fiscal disparages between people of color and white people through the now-illegal redlining.
- The initiative will focus on areas of struggle such as healthcare, job creation, access to capital, and education. They will also set aside another 100 million dollars to fund African-American women’s philanthropic ventures. Figures like Rosalind Brewer, the first black female CEO of Walgreens, and Lisa Jackson, Vice President of Environment, Policy, and Social Initiatives at Apple Inc., will be on the advisory council. Former New Orleans mayor and CEO of National Urban League Marc Morial will participate as well on the council.
- Goldman Sachs also published a report known as “Black Womenomics.” It describes the bank’s goal to quantify the gender and racial biases women face daily. It concentrates on the wage gap between black women and white men. The difference between white men’s and black women’s pay stands at 35%. The document also discusses investment opportunities for women of color that will help them fight income differences. Goldman Sachs says that reducing the gap could potentially create 1.2-1.7 million jobs. It will also raise the GDP by approximately $450 million annually.
As of February, the unemployment rate for women was 5.9%. However, 8.9% of women did not have a job. “Black Womenomics” and “One Million Black Women” will ensure this rate lowers drastically. The bank is making women of color feel heard and represented amid a pandemic and changing social times.
