In a time of national unrest, outrage, and chaos, here’s what CEOs of major public companies—who are disproportionately white men—say to their employees and the public: by iamsternlicht
I am at a loss right now. What happened to George Floyd, Ahmaud Arbery, Christian Cooper and the countless other African Americans who’ve been targeted because of their race is beyond devastating. It’s almost paralyzing.
Our brands will always be a welcoming and safe place in our local communities, open to all. We must stand up in order to create a world where we all belong. And we must have the kind of workplace where we talk about what is happening, to support each other through this time, with care and empathy for the emotions we are all going through.
In March and April, we approved more than $45 billion in new credit for our clients impacted by Covid-19. This included more than $6 billion to hospitals and healthcare companies, educational institutions, nonprofits and state and local governments.
We know that many small businesses are at risk of being locked out of the resources they desperately need to stay afloat—that’s why $200 million of our commitment is to help underserved small businesses and nonprofits access low-cost capital through community partners. For example, this includes $50 million to Grow America Fund, a Community Development Financial Institution, so they can help small businesses in underserved communities cover expenses such as rent and employee salaries.
An inclusive economy—in which there is widespread access to opportunity—is a stronger, more resilient economy. This crisis must serve as a wake-up call and a call to action for business and government to think, act and invest for the common good and confront the structural obstacles that have inhibited inclusive economic growth for years.
I have heard from so many of you that you feel afraid—afraid in your communities, afraid in your daily lives, and, most cruelly of all, afraid in your own skin. We can have no society worth celebrating unless we can guarantee freedom from fear for every person who gives this country their love, labor and life.
For all of our colleagues hurting right now, please know that you are not alone, and that we have resources to support you. It’s more important than ever to talk to one another, and to find healing in our common humanity. We also have free resources that can help, including our Employee Assistance Program and mental health resources you can learn about on the People site.
, and this is even before all that unfolded in Minneapolis, and it sort of hits home how many feel about their daily lived experience, and we're not insulated from this. Our identity, our very existence is rooted in empowering everyone on the planet. So, therefore, it’s incumbent upon us to use our platforms, our resources, to drive that systemic change, right? That’s the real challenge here. It’s not just any one incident, but it’s all the things that have led to the incident that absolutely need to change.
My ask to each of you is to come together. Ask a colleague how they are doing today. Give each other grace as they're navigating unseen circumstances. It’s hard to see now, but the day will come for healing—and our team will join our hearts, hands and resources in that journey. Even now, Target leaders are assembling community members, partners and local officials to help identify what more we can do together and what resources are required to help families, starting right here in Minnesota.
As we continue to monitor the situations unfolding across Minneapolis, we will keep our focus on prioritizing the safety of our associates and customers. We have watched for months as the tragedy of Covid-19 has disproportionately hurt communities of color, as they have suffered more Covid cases and endured a greater share of the economic hardship than the rest of the population. Now, that pain has been compounded by these new incidents of racial injustice.
I continue to hope that you and your families are faring well during these extraordinary times. I remain so grateful for what you’re all doing to collectively help Goldman Sachs navigate through this global pandemic. My concern arises from what I am seeing and reading about in terms of the many who are struggling to manage their daily lives during the strain of the pandemic.
I want to remind each of you that as a community – there is no place at Goldman Sachs for racism or discrimination against any group in any form. We will not let this pandemic erode our culture of openness and respect. To guard against that, we must continue to be aware of what is happening, speak out against injustices and be willing to talk candidly in an environment of honest dialogue.
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