Awards for Excellence 2020
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To the detractors of big Wall Street banks, Goldman Sachs might not seem an obvious candidate for recognition of its response to a humanitarian crisis. But when the Covid-19 crisis struck, the bank rapidly deployed a raft of measures spanning frontline support for hospitals to online versions of its community volunteering programmes.
The bank has been one of the most public communicators on the Street of its analysis of the Covid-19 crisis and the operational and support measures that it has been taking. Goldman chief executive David Solomon has been talking about it to employees and clients since January.
A Covid-19 family-leave scheme was one way the firm looked after its staff, along with a range of physical and mental health support initiatives – including for the children of staff.
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David Solomon, |
The bank also developed a virtual version of Community TeamWorks, an existing initiative that supports volunteer projects that employees are involved in. Some 130 have been launched in areas spanning emergency training for small businesses to engaging with the isolated elderly.
Goldman’s Ayco Survivor Support services were extended to hospitals across the country. If a healthcare worker or their partner dies from Covid-19, the bank provides counselling and estate settlement support for a year at no cost.
“As the world grapples with this terrible pandemic, we are extremely grateful for the professionalism of the healthcare specialists and other front-line workers who are bearing the greatest burden in the fight against the virus,” Solomon said when announcing the bank’s first quarter earnings. “We are in awe of their courage and are doing our part to help communities and small businesses suffering from the economic impact of the crisis.”
The bank has been backing up his words. Direct support to healthcare organizations comes through the Goldman Sachs Covid-19 Relief Fund, which has pledged $25 million to them – as well as donating some 3.3 million masks.
A $500,000 grant to New York City Health and Hospitals meant that the organization could add 762 intensive care beds in its public hospitals, including Elmhurst in Queens and Jacobi in the Bronx, two of the hardest hit boroughs.
Goldman is typically associated with the world’s biggest corporate and institutional clients, but it knows the value of the small businesses that drive national economies.
Very early in the crisis, the bank got together with New York City’s department of small business services and a CDFI, Pursuit, to set up emergency loan funds to provide support before the Paycheck Protection Program had been established. Since then, it has announced a $525 million commitment to lend to CDFIs.
