Former Goldman Sachs CEO claims DEI programs are ‘counterproductive,’ stating ‘you’re branding the people in that program’

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The murder of George Floyd in 2020 sparked a racial justice movement that spread from grassroots activism to corporate boardrooms. Companies launched initiatives to make their workforces more inclusive of underrepresented communities in a modern revamp of diversity, equity, and inclusion (DEI) initiatives. Many promised to invest billions of dollars to promote racial equity and gender equality.

But within five years, the situation regarding DEI campaigns changed when the 2023 Supreme Court ruling against affirmative action programs dampened DEI efforts. And on the second day of his second term, President Donald Trump introduced an “anti-woke” agenda through an executive order that overturned Biden-era federal DEI initiatives, which had an impact throughout the corporate world.

Now, former Goldman Sachs CEO Lloyd Blankfein is criticizing previous DEI efforts, including those at Goldman, stating that the company’s DEI efforts are self-defeating. In a recent interview with CBS Sunday Morning about his new book, Streetwise: Getting To and Through Goldman Sachs, the billionaire explains why he认为 DEI 倡议是徒劳的.

“The special programs we ran for minorities at the firm were often counterproductive,” Blankfein said. “That might be provocative to others. But I think if you label something as a remedial program, you’re also kind of labeling the people who enter that program.” Before 2025, the financial firm had maintained diversity DEI criteria for its board and used inclusive language on its webpage that emphasized a commitment to hiring from marginalized groups.

Many Fortune 500 companies have reduced their DEI programs over the past year. Trump’s attacks on the programs have led to changes across corporate America. Target began phasing out its diversity, equity, and inclusion initiatives last January, inspiring civil rights activists to launch a national boycott against the retail giant. Walmart, Pepsi, and several other prominent companies have also scaled back their DEI efforts.

The changing corporate DEI landscape

Modern DEI programs can be traced back to the U.S. Civil Rights Act of 1964, which led to the implementation of affirmative action policies designed to address the historical underrepresentation of certain groups. Over time, that inclusivity has expanded beyond racial equity to include gender, ethnic, religious, and LGBTQ communities. Supporters of DEI say the initiatives help to break down the systemic barriers that have historically excluded marginalized groups and argue that those barriers still exist today.

Goldman Sachs was one of the many companies in 2025 to reverse their DEI initiatives. The company stopped requiring companies it takes public to have two diverse board members. It also removed language highlighting “racial equity” and “gender equality” from its “diversity and inclusion” page on its website. And in a filing from February of last year, the bank noted that its previously set five-year “aspirational and representation goals” were due to expire in 2025. The company also reportedly abolished DEI criteria for its board in February.

“This is a reflection of the changing legal environment and adapting to the reality of those legal changes,” a Goldman Sachs spokesperson told . “We firmly believe we benefit from diverse perspectives and experiences and are committed to running programs that are designed to attract the best talent and are compliant with the law.”

While some companies have scrapped or significantly reduced their DEI initiatives, many have actually increased their efforts. Apple has continued with its inclusion and diversity efforts, maintaining a “racial equity and justice” page on its website.

“An equitable world is a better world,” the page states. “So we’re continuing to expand opportunities for Black, Hispanic/Latinx, and Indigenous communities.” Costco also strengthened its commitment to diversity, with more than 98% of shareholders last year voting against an anti-DEI resolution pushed by conservative activists, gaining support from civil rights leaders and progressive customers. Delta and Cisco have also kept their DEI programs. Delta says it hires based on skills and has removed degree requirements for most jobs. And Cisco has developed diverse hiring panels to boost recruitment from marginalized communities.

Blankfein admitted there are other ways to approach diversity and inclusion. “Do well the programs that you do to advance careers and education for everyone,” he said. “That will disproportionately help the people who need it the most, which might include the people who would otherwise have been in those DEI programs.”