Goldman Sachs, Starbucks among organizations unveiling a pledge to close racial wealth gap in U.S.

Goldman Sachs, Starbucks and a range of other organizations across the U.S. announced Tuesday a collaborative effort aimed at narrowing the racial wealth gap between Black and white Americans.

The initiative, called NinetyToZero, also includes the American Civil Liberties Union, the Wharton School of the University of Pennsylvania and the Robin Hood foundation as backers.

“A handful of folks got together and said, ‘We have a coordinated problem that we have to deal with and the only way we’re going to deal with it is a coordinated solution’,” Robin Hood CEO Wes Moore said on CNBC’s “Squawk Box.”

“The problem we’re trying to solve for was the fact that there is this 10-to-1 racial wealth gap that we have with the United States between Black families and white families,” added Moore, who is set to step down from the New York City-based anti-poverty nonprofit next month.

Moore appeared on “Squawk Box” alongside Goldman Sachs Chairman and CEO David Solomon.

“The ability to solve any challenge became more and more difficult — and frankly, impossible — if we do not deal with the fact that this racial wealth gap continues to impede any form or growth or progress,” Moore said.

NinetyToZero is the latest corporate action in the past year focused on addressing racial inequality in the U.S. Following the death of George Floyd in police custody last May, a number of companies announced financial investments in Black communities and organizations, as well as other internal efforts, such as reforming hiring practices.