Goldman Sachs to scrap DEI after Donald Trump’s crackdown on diversity agenda
Goldman Sachs is reportedly set to eliminate diversity, equity, and inclusion (DEI) considerations from its board recruitment process following President Donald Trump’s crackdown on policies supporting the organisational framework, reports suggest.
The Wall Street investment giant’s board has approved changes that will see race, gender identity, and sexual orientation no longer factored into decisions when selecting new directors.
The shift follows a September request from the National Legal and Policy Center (NLPC), a conservative activist non-profit organisation holding a minority stake in the bank.
Notably, the NLPC had pushed for Goldman to abandon its DEI hiring criteria and requested that its proposal appear in the bank’s proxy statement, which is distributed to shareholders at annual meetings.
Goldman Sachs has scrapped DEI after moves from Donald Trump
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Goldman’s board currently consists of 14 members, with women holding five seats and men occupying nine, while 12 directors identify as white. The bank presently evaluates potential board candidates against four criteria, one of which encompasses diversity considerations.
Factors such as viewpoints, professional background and military service will continue to be assessed during the selection process. However, elements categorised under “other requirements”, typically encompassing traditional DEI metrics, are being scrapped from the evaluation framework.
Since returning to the White House last year, President Trump has sought to terminate federal DEI programs, focusing on reversing initiatives in Government and for federal contractors in favor of “merit-based” policies.
His executive orders have resulted in dismantling DEI offices, cancelling related grants, and, as of February 2026, receiving legal affirmation from a federal appeals court.
The financial institution is making changes
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DEI roles have faced public criticism from politicians from the Labour Party, Reform UK and the Conservatives | GETTYPrevious proxy documents had openly detailed the diversity-related factors Goldman weighed when identifying prospective directors. The bank has declined to comment on the reported changes.
This decision represents the latest retreat from Goldman’s previous diversity commitments, coming despite 98 per cent of shareholders voting against a proposal to review the bank’s DEI programmes at the most recent annual meeting.
The institution previously dropped a commitment to withhold support for initial public offerings from companies lacking sufficiently diverse boards.
Goldman has additionally modified its One Million Black Women initiative, stripping explicit racial references from the programme’s website.
Donald Trump is beginning to rollback DEI policies in America. | Getty ImagesAmerican corporations have been rapidly scaling back or abandoning DEI efforts following President Trump’s executive order last January, which empowered federal agencies to launch civil investigations into such programmes.
Towards the end of 2025, the UK’s Society of Pension Professionals (SPP) published a DEI paper, “Inclusive futures” which covers Social Mobility, Neurodiversity, LGBTQ+, Disability, Gender, and Ethnicity”, examining how the sector has reacted to the backlash.
Daniel Gerring, chair of the SPP EDI group, noted the declining emphasis on DEI investments, but sharedL “Thankfully, evidence suggests that the UK pensions industry is not following suit.”
A recent SPP survey demonstrated that nearly three quarters of its members think DEI should be a “top priority” or “priority” in relation to its policy objectives.
