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.

The company told Axios in 2022 that the policy — requiring at least two non white, male board numbers for IPO-seeking companies — was working.

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 CEO David Solomon is scrapping a key DEI policy that banned the bank from doing IPOs for companies with white, all-male boards. It marks a major U-turn for Goldman amid a White House-led crackdown on what the Trump administration believes to be discriminatory hiring policies in the private sector.