 | | Goldman Sachs Launches One Million Black Women Initiative |
| “When we looked at the United States, it became clear that if you wanted to make a long-term economic difference, you had to start by supporting Black women,” said Goldman Sachs Chairman and CEO David Solomon, on the launch of One Million Black Women, the firm’s initiative to narrow opportunity gaps for Black women by investing $10 billion and committing $100 million in philanthropic capital for capacity-building grants over the next decade. The effort will target investments to support Black women at key moments in their lives and address the significant disadvantages they face across a range of economic measures, including access to housing, healthcare, education and capital. The firm will work with an advisory council of Black leaders from leading corporations, nonprofit organizations and government, who will play a critical role in driving the initiative forward.
Learn more about the One Million Black Women initiative. |
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| | Black Womenomics: Investing in the Underinvested |
 | The One Million Black Women initiative draws on insights from Goldman Sachs Research’s new Black Womenomics report, which delves into the 90% wealth gap between Black and white households, its relationship with the broader economic disadvantages Black women face, and the public and private investment opportunities that can help close the divide. The report contends that addressing structural economic disparities would make for not only a fairer but also a richer society: The authors estimate that confronting the wage gap alone (which accounts for two-thirds of the wealth gap and widens throughout Black women’s working life) could add over one million jobs to the U.S. economy, and increase annual GDP by $300-450 billion in current dollars. |
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| | Talks at GS With NATO’s Jens Stoltenberg |
 | | Above (L to R): John Waldron of Goldman Sachs and Jens Stoltenberg of NATO | As secretary-general of NATO, Jens Stoltenberg leads a political and military alliance that was designed to maintain a delicate peace in the shadow of World War II—a coalition that's since evolved to include climate change as a key focus for its 30 member nations. “Climate change—global warming—is what we call a crisis multiplier,” says Stoltenberg, who spoke with Goldman Sachs President and COO John Waldron in a recent episode of Talks at GS. “It will increase the competition for scarce resources, for water, for land. It will force people to move,” he says. “I'm not saying that climate change is the only reason for crisis and conflicts, but it may exacerbate and fuel and multiply the consequences of different conflicts in many places in the world.” The secretary-general envisions a three-part approach to the threat. “The first thing NATO should do, and we are starting to do that, is to have the best possible understanding of the link between climate change, global warming, and security threats and conflicts,” he says. “The second thing we should do is that we need to adapt the way we conduct our [military] missions, operations—how we do our work. Because we have to understand that the military, they operate, at least mostly, out there in nature.” Last is the alliance’s own role in contributing to climate change. “We could try to reduce emissions,” says Stoltenberg, “because today’s military operations are normally extremely energy consuming.” |
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| | How Institutional Investors Are Thinking About Crypto Assets |
Institutional investors are increasingly focused on investment opportunities in crypto assets, says Goldman Sachs' Mathew McDermott, who relayed how the assets are dominating client conversations—and at a more technical level—on a recent Exchanges at Goldman Sachs podcast. “The questions are not really, ‘What is it?’…It's more about ‘How can we get exposure, what are the instruments we can transact?’” McDermott, who is global head of Digital Assets for the firm, says the surge in trading crypto can be seen across a diverse investor base, citing findings from a recent Goldman Sachs survey of institutional clients. “40% of the clients currently have exposure to cryptocurrencies,” he says, while “61% of clients expect their digital asset holdings to increase over the next year.” It’s a significant shift from where the cryptocurrency market was a few years ago. “2017 was very much a retail-driven market,” McDermott says. “This time around, we've just seen a huge volume of institutional demand across the broad spectrum of different industry types. And as a function, you're seeing incumbent banks now explore ways that they can develop products to satisfy that client demand, enabling them to gain exposure to the different cryptocurrencies.” |
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| | The Daily Check-In With Goldman Sachs |
 | | Above (L to R): Mike Swell, Anna Skoglund and Katherine Tait of Goldman Sachs | While mounting concerns over inflation spooked the bond markets and other risk assets in recent weeks, such fears are likely overblown, says Goldman Sachs’ |
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