On the back of record profit so far this year, Goldman Sachs, the global investment bank, is starting a donor-driven philanthropy fund that aims to reach $1 billion over the next few years.
The fund, GS Gives, is initially focused on the firm's roughly 350 partners who will be strongly encouraged to donate a fixed amount of their compensation.
If each partner gives $250,000, the fund will begin with $87.5 million. Eventually the fund will be open to a larger group of Goldman employees. Goldman's asset management group will manage the fund free.
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