The commitment is tied to the Market Madness: HBCU Possibilities Program, a four-month training in finance fundamentals.
Students receive in-depth training and insight from Goldman Sachs professionals, which prepares students for a case study competition, “Market Madness.”
In its inaugural year, 125 HBCU first- and second-year college students will participate in the program with the students receiving “hands-on” training and learning fundamental finance skills in a professional setting.
The case study competition, which will feature Procter and Gamble for this year, in which students will present to senior leaders at Goldman Sachs, competing for prize donations to their institutions such as funding opportunities for future generations.
This commitment is part of Goldman Sachs’ “broader strategy” to meaningfully advance progress on racial equity and build a more inclusive economy—investing in a diverse workforce is essential to this mission.
Each participating HBCU will receive a grant from Goldman Sachs (ranging from $250,000 to $1m), based on their student team’s performance in the final case competition.
Participating students will also receive a $10,000 academic stipend upon completing the program.
David Solomon, chairman and CEO, Goldman Sachs, said: “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.
“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.”
The 2021 participating institutions this year are Florida A and M University (FAMU), Hampton University, Howard University, Morehouse College, Morgan State University, North Carolina A&T State University, Prairie View A&M University and Spelman College.
Asahi Pompey, global head of corporate engagement, Goldman Sachs, added: “For generations, HBCUs have had a track record of producing titans of industry and public service. I’m confident the students in our Market Madness: HBCU Possibilities Program will be no exception.
“HBCUs and Goldman Sachs have a shared commitment to excellence, achievement and striving. Not only are we investing in HBCU students, but also their institutions and the larger Black community.”