Goldman Sachs has ended a ban on underwriting companies with all-white, all-male boards, becoming the latest corporate giant to scale back a DEI initiative.

Goldman Sachs cancelled a four-year-old policy to only take public companies that had two diverse board members, a spokesperson for the bank said on Tuesday, in the latest such move by corporations expecting greater scrutiny on social policies from U.

Goldman Sachs is ending its policy that mandated companies have a diverse board for the bank to take them public. The rule, a version of which was implemented in 2020, had said the bank would only underwrite the initial public offerings for companies in the U.