Goldman Sachs has announced a five-year, $25 million commitment to historically Black colleges and universities.
The commitment is tied to Market Madness: HBCU Possibilities Program, a four-month course taught by Goldman Sachs professionals that includes hands-on training, extracurricular activities, and a case study competition, "Market Madness," in which students vie for cash prizes that are donated to their schools. Through the program, participating HBCUs will receive a grant ranging from $250,000 to $1 million based on student team performances, while participating students receive a $10,000 academic stipend upon completing the program. In its inaugural year, the program will serve up to a hundred and twenty-five first- and second-year students from Morehouse and Spelman colleges and Florida A&M, Hampton, Howard, Morgan State, North Carolina A&T State, and Prairie View A&M universities; Goldman Sachs expects to add institutions to the program in the months to come.
"Building upon our past efforts, today's partnership between Goldman Sachs and HBCUs is the natural next step in our longstanding commitment to developing the best talent available with the widest range of backgrounds, experiences, and perspectives," said Goldman Sachs chair and CEO David Solomon. "It's a smart long-term investment for the firm, it helps us better serve our clients, and over time we believe it contributes to a more inclusive and dynamic economy and society."
"Goldman Sachs is helping prove that diversity and inclusion directly lead to positive economic growth and development," said Howard University president Wayne A.I. Frederick. "This program will create a pipeline of talented minority students into corporate America, helping to increase representation in critical industries and dispel the myth that there was ever a lack of Black talent."