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Goldman Sachs forms fund to address racial injustice

·1-min read

(Reuters) - Goldman Sachs Group Inc <GS.N> said on Wednesday it had launched a $10 million (£7.9 million) fund to support the work of organizations addressing racial injustice, structural inequity and economic disparity.

The bank will match employee donations to recipient organizations, it told customers of its online bank Marcus.

An email by a Goldman employee about his experiences of racial injustice and criticizing managers at the Wall Street bank for not supporting junior bankers from diverse backgrounds went viral at the firm last week.

The email coincided with other Wall Street executives and companies speaking out against racial inequality after the death of an African American man, George Floyd, during an arrest by a white police officer on May 25.

Bank of America Corp <BAC.N> has pledged $1 billion to help communities address economic and racial inequality. The CEOs of JPMorgan Chase & Co <JPM.N>, Citigroup Inc <C.N> and Wells Fargo & Co <WFC.N> have also made statements denouncing racism and discrimination.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Saumyadeb Chakrabarty)