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 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.

Goldman Sachs Group Inc. is scrapping a pledge it made to refuse initial public offering(IPO) business from companies that had fully white, male boards, Bloomberg reported on Tuesday. The major investment bank had implemented a policy in 2020 that required it to only take a company public in the U.