Goldman Sachs is one of the largest investment banks in the world. It’s also America’s largest underwriter of initial public offerings, the often lucrative moment when a private company goes public
Goldman Sachs has always chosen its IPOs based on financial criteria and what was the best possible business decision. But not anymore. Goldman has decided to join the revolution. The company has announced it will no longer underwrite IPOs for companies whose boards contain too many white men, because white men are bad.
Except, apparently, for the white men who run Goldman Sachs. They’re the exception. They’re great.
Confused? Well, it gets even more muddled. Goldman Sachs has also announced that its new diversity policy will not apply to Asia. The leadership of Chinese companies tends to be utterly and completely homogenous. Diversity is definitely not their strength. And that’s fine with Goldman Sachs. In other words, homogenous boards are a sin when they happen here in America, but in China, they’re totally fine, not to mention highly lucrative.
Well, if all of this seems inconsistent, even hypocritical, don’t be surprised. Goldman specializes in that. The company’s website, for example, contains this preachy little sermon on gender diversity: “Goldman Sachs believes that when women lead, everything changes. In today’s world, gender equality is an economic imperative and supporting women’s economic empowerment and leadership opportunities will drive growth for our clients, our communities, our people and our shareholders.”