10:50 AM EST, 02/11/2025 (MT Newswires) -- (Update with Goldman Sachs' ( GS ) response in the second paragraph and the latest stock movement in the last paragraph.)

Goldman Sachs Group ( GS ) is ending a pledge to refuse initial public offering business with companies that have all white, male boards, Bloomberg reported Tuesday, citing a statement from a company spokesperson.

"As a result of legal developments related to board diversity requirements, we ended our formal board diversity policy," a Goldman spokesperson said in an emailed statement to MT Newswires. "We continue to believe that successful boards benefit from diverse backgrounds and perspectives, and we will encourage them to take this approach."

Goldman shares were edging 0.5% lower in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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