The bank’s “One Million Black Women” initiative is a part of its commitment to impact the lives of at least one million black women by 2030, the company said.

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 will also set aside an additional US$100 million over the next decade for philanthropic ventures focused on African-American women.

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

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

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 organisation National Urban League, and a former New Orleans mayor.