Goldman Sachs
GS
Financials
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Goldman Sachs provides capital and advisory services that enable fossil fuel operations globally. While the bank has adopted some restrictions on thermal coal finance, it continues to provide critical financial services to oil and gas companies. In December 2024, Goldman Sachs exited the Net Zero Banking Alliance, distancing itself from a key collaborative framework for aligning finance with climate goals. The bank has publicly argued that excluding major oil companies from investment portfolios is a “major mistake,” signaling a continued strategic commitment to fossil fuel clients.
Goldman Sachs is excluded under financial misconduct, which covers predatory financial practices that harm consumers, investors, or beneficiaries. As a global investment bank and financial services firm, Goldman Sachs engages in complex capital markets activities, advisory services, and asset management where the potential for conflicts of interest, market manipulation, or investor harm exists. A specific narrative detailing the misconduct cannot be constructed at this time due to an absence of gathered evidence regarding the nature, scale, and recency of the violations. Further investigation into regulatory actions, settlements, or documented patterns of harmful financial practices is required to substantiate this exclusion.
Research Sources
6 organizations
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.