Goldman Sachs Includes N.C. A&T in $25M ‘Market Madness: HBCU Possibilities’ Program

By Jackie Torok / 04/09/2021 Academic Affairs

EAST GREENSBORO, N.C. (April 9, 2021) – North Carolina Agricultural and Technical State University has been named one of the historically Black colleges and universities in the inaugural cohort of Goldman Sachs’ five-year, $25 million “Market Madness: HBCU Possibilities” Program.

N.C. A&T – the only participating HBCU in North Carolina – joins Florida A&M University, Hampton University, Howard University, Morehouse College, Morgan State University, Prairie View A&M University and Spelman College as cohort members.

“N.C. A&T values corporate relationships that pair academic excellence with innovation,” Chancellor Harold L. Martin Sr. said. “This partnership with Goldman Sachs will not only benefit our students and prepare them to join the workforce, but address challenges in the global economy as well.”

For four months, 125 first- and second-year students from the seven HBCUs will receive hands-on training and learn fundamental finance skills in a professional setting, complementing their coursework and extracurricular activities. The program will conclude with a “Market Madness” case study competition, featuring Procter & Gamble this year, in which the students will present to senior leaders at Goldman Sachs and compete for prize donations to their institutions – funding opportunity for future generations.

Each participating HBCU will receive a grant from Goldman Sachs – ranging from $250,000 to $1 million – based on their student team’s performance in Market Madness. Participating students will also receive a $10,000 academic stipend upon completing the program.

“Building upon our past efforts, today’s partnership between Goldman Sachs and HBCUs is the natural next step in our longstanding commitment to developing the best talent available with the widest range of backgrounds, experiences, and perspectives,” said David Solomon, Goldman Sachs chairman and CEO. “It’s a smart, long-term investment for the firm, it helps us better serve our clients, and over time we believe it contributes to a more inclusive and dynamic economy and society.”

This commitment builds on the Goldman Sachs Fund for Racial Equity, which the firm announced in June 2020 to support the vital work of leading organizations addressing racial injustice, structural inequity and economic disparity. A critical component of Goldman Sachs diversity strategy is its aspirational goal to double campus analyst hiring from HBCUs at the firm by 2025, as announced last year.

UNCF, a partner through the fund, advised in overall design of the Market Madness: HBCU Possibilities program.

“For generations, HBCUs have had a track record of producing titans of industry and public service. I’m confident the students in our Market Madness: HBCU Possibilities Program will be no exception,” said Asahi Pompey, Goldman Sachs global head of corporate engagement. “HBCUs and Goldman Sachs have a shared commitment to excellence, achievement and striving. Not only are we investing in HBCU students, but also their institutions and the larger Black community.”

Media Contact Information: jtorok@ncat.edu

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