Goldman Sachs is pledging $10 billion over 10 years to support the advancement of Black women

• Goldman Sachs is set to invest $10 billion in an initiative called "One Million Black Women."
• The initiative aims to impact 1 million Black women by 2030 through healthcare, jobs, and education.
• Rosalind Brewer, CEO of Walgreens, is among those on an advisory council for the project.

Goldman Sachs on Wednesday announced it's investing $10 billion over the next decade to advance racial equity and support Black women.

The new initiative, called "One Million Black Women," aims to impact 1 million Black women by 2030, the bank said in a statement. It will focus on areas including healthcare, job creation, and education.

This is the largest investment Goldman Sachs has ever made, it said.

Investing in the initiative would tackle the "dual disproportionate gender and racial biases that Black women have faced for generations, which have only been exacerbated by the pandemic," the bank said.

Goldman would also set aside an additional $100 million over the next decade for philanthropic ventures focused on African-American women, it said.

Rosalind Brewer, chief executive officer of drugstore chain Walgreens Boots Alliance, and Lisa Jackson, vice president of environment, policy, and social initiatives at Apple Inc, will sit on the advisory council of the new project.

The council will also include Marc Morial, CEO of civil rights organization National Urban League, and a former New Orleans mayor.

Reducing the earnings gap for Black women could potentially create between 1.2 million and 1.7 million jobs in the United States, the company said, citing research.

Against the backdrop of protests over the death of African-American George Floyd last year, major companies have pledged to increase diversity, donate to civil rights groups, and change their policies.

Goldman created a $10 million fund last year to promote racial equity, and had then said it invested around $200 million over the decade to organizations dedicated to serving communities of color.

"What Goldman Sachs is doing has the potential to materially impact the lives of Black women, their families and communities across the country," said Melanie Campbell, a partner with Goldman Sachs on the program, in the statement.