Goldman Sachs executive’s email making plea for racial equality goes viral at firm

Goldman Sachs executive’s email making plea for racial equality goes viral at firm
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(Reuters) – An email by a Goldman Sachs Group Inc (GS.N) employee about his experiences of racial injustice and criticizing managers at the Wall Street bank for not supporting junior bankers from diverse backgrounds went viral at the firm this week.

The email by Frederick Baba, a managing director at the bank who is black, coincides with other Wall Street executives and companies speaking out against racial inequality after the death of an African American man, George Floyd, during an arrest by a white police officer who held a knee on his neck in Minneapolis on May 25.

On Tuesday, Bank of America Corp (BAC.N) pledged $1 billion to help communities address economic and racial inequality. Goldman Sachs on Wednesday created a $10 million fund for racial equity. The CEOs of JPMorgan Chase & Co (JPM.N), Citigroup (C.N) and Wells Fargo & Co (WFC.N) have also made statements denouncing racism and discrimination.

Baba, who works in Goldman’s electronic trading business, according to his LinkedIn, initially sent the email with the subject line “How it’s going…” to a group of bankers he works with on June 2 after Floyd’s death led to sometimes violent protests across the United States.

But the letter ended up being so widely forwarded that it was seen by almost everyone at the bank – which employs around 38,000 people globally – including CEO David Solomon, according to a source familiar with the matter.

Solomon emailed Baba with a personal note in response, the person said without elaborating on what Solomon wrote. The letter has been posted on Goldman’s internal website, the person said.

Source: Reuters

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