Goldman Sachs is pushing back against claims that it is retreating from its diversity, equity, and inclusion (DEI) efforts following social media criticism from racial justice advocacy group Color of Change.

The organization accused the investment bank’s employee donor advised fund, Goldman Sachs Gives, of “funding attacks on civil rights” and directing funds to anti-DEI organizations, American Banker reports. Last month, the nonprofit said Goldman also weakened some of its public commitments around DEI programs and initiatives — all in favor of the Trump administration’s anti-DEI policies.

However, Goldman says it remains committed to diversity, even as the legal landscape around diversity-related recruiting and hiring targets continues to shift, per American Banker.

“We are strong believers in diversity,” Goldman spokesperson Tony Fratto told the outlet. “It’s important to our business. It’s important to our people. But we have to operate within the guidelines of the law in recruiting our talent and developing our programs.”

Responding to accusations about Goldman Sachs Gives, Fratto said the bank “doesn’t govern the politics or beliefs of its people.”

Goldman is one of several corporations facing increased scrutiny over DEI policies since Donald Trump returned to office in January 2025. As AFROTECH™ previously reported, the president has signed several executive orders aimed at restricting such programs across the federal government and in higher education.

Shifts In Goldman Sachs’ Diversity Strategy

Allegations from Color of Change come as Goldman appears to be adjusting aspects of its DEI approach.

In February 2025, a spokesperson for the bank told 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.”

Since then, Goldman has signaled a shift in how it approaches DEI. As AFROTECH™ previously reported, the bank announced plans to remove diversity factors — including race, gender identity, ethnicity, and sexual orientation — from its criteria for board candidates following a September 2025 request from conservative nonprofit, the National Legal and Policy Center.

Meanwhile, Goldman has also adjusted its public disclosures about DEI. The word “diversity” appeared 39 times in its 2024 proxy statement, compared to six mentions in its 2026 filing, per American Banker.

The bank has also made changes to its One Million Black Women initiative, a $10 billion commitment that includes $100 million in philanthropic funding to support Black women in areas such as health care, workforce advancement, and access to capital. When the program launched in 2021, it was exclusively for Black women. However, it has since expanded to support other groups, notes the outlet.

Color Of Change’s Advocacy Efforts

Color of Change’s actions against Goldman Sachs are part of a broader advocacy effort to call out corporations that have rolled back or abandoned diversity commitments made after the 2020 murder of George Floyd, American Banker reports.

In March, more than 60 organizations, including Color of Change, paid for a full-page ad in The New York Times accusing corporations of “quietly retreating from longstanding commitments” to DEI, according to American Banker.

Founded in 2005, Color of Change develops public campaigns to raise awareness of racial justice issues, including economic equity, criminal justice reform, and digital safety for Black communities, according to the organization’s website.

The group focuses heavily on digital organizing, with billboard campaigns playing a central role, notes American Banker. Color of Change said it plans to launch billboard ads about Goldman Sachs in Dallas, TX, and Salt Lake City, UT, two cities where the banker has significant operations.

A spokesperson declined to disclose the campaign’s cost, per American Banker. However, it is receiving partial support from the Robert Wood Johnson Foundation, which has awarded multiple grants to the group.

“Our civil rights are under attack. The dismantling of DEI across the country is not an accident; it’s a coordinated effort led by neosegregationists and fueled by Goldman Sachs’ financial backing,” Color of Change wrote in a petition on its website. “While Goldman Sachs publicly claims to value diversity and inclusion, its actions tell a different story. Their funding is directly contributing to the dismantling of our democracy and its advancement,” the group continued.

“Goldman Sachs must choose: Stand on the right side of history, or be remembered as a financier of modern segregation,” it added.