Goldman Sachs Group Inc. is scrapping the pledge it made to reject the initial public offering (IPO) business from companies that have an entirely white board, Bloomberg reported Tuesday.

In 2020, major investment banks had enforced a policy requiring businesses to be made public in the US or Western Europe only if they had two diverse board members. It has been reported. Goldman Sachs, who has decided to abandon his diversity pledge, says conservative activists are asking several Wall Street giants related to diversity, equity and inclusion (DEI) to cancel their policies I’ll come in the report.

David Solomon became CEO of Goldman Sachs in 2018 and prioritized the DEI initiative in his first year in that position, Bloomberg reported. Greg Lemcau, then head of Goldman Sachs investment bank, proposed a threshold for diversity for IPOs at the end of 2019. According to a book on topics, the outlet reported. (Related: NSA reportedly purges agents’ DEI terminology websites)

In December, the Court of Appeals broke similar rules on NASDAQ Inc.’s US exchange. Shortly after returning to the oval office on January 20th, President Donald Trump Presidential Order Ends the “radical and wasteful” DEI program across the federal government.

In an executive order, the president said the Biden-Harris administration “forced illegal and immoral discrimination programs and named the federal government “divine, equity and inclusion.” Trump has long been a critic of the DEI voice and has campaigned throughout the government to remove the so-called “awakening” ideology.

Various US businesses and retailers have begun to rewind DEI’s efforts over the past year amid growing pressure from consumers and investors, including Boeing. target and Walmart. Still, some big companies, such as Costco, are leaning towards Dei’s efforts despite growing backlash.

“As a result of legal developments related to the board’s diversity requirements, we have concluded the formal board diversity policy,” Goldman Sachs spokesman Tony Flatt shared with the Daily Coller News Foundation. This is stated in a statement. “We continue to believe that successful boards will benefit from a diverse background and perspective, and we encourage you to take this approach.”

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