Goldman Sachs Eyes Dropping Board Diversity Criterion; AI Memory Shortage and EU Defence-Tech Boom

Goldman Sachs weighs dropping diversity as formal board criterion

Goldman Sachs is reportedly planning to remove diversity as an explicit criterion in its board selection process, a move that would mark a notable shift in governance at one of Wall Street’s largest banks. The report, which provides no dates, targets or numerical goals, says the firm would stop using formal demographic criteria when evaluating candidates, relying instead on broader assessments of skills, experience and independence. The absence of corroboration in regulatory filings or a public statement from Goldman leaves the account provisional, and the bank does not confirm the change.

The potential policy shift prompts questions about the bank’s approach to environmental, social and governance benchmarks and how it balances merit-based selection with public commitments to inclusion. Stakeholders who prioritise board diversity say removing explicit criteria may erode transparency and accountability, while others argue it could allow more flexible consideration of candidate qualifications. Any actual implementation would involve the nominating committee, board deliberations and internal checks, but the lack of detail in the initial report means observers are left to anticipate how nomination guidelines, committee charters or proxy disclosures might be amended.

The move could draw scrutiny from shareholders, proxy advisory firms and civil-society groups that monitor corporate governance, and may influence relationships with clients and regulators who have emphasised diversity in recent years. Governance analysts and advocacy groups are likely to press for clarity on how Goldman maintains diversity goals without explicit criteria, and whether the bank will publish alternative measures or reporting to demonstrate progress. Industry watchers say a visible change at Goldman could prompt similar debates across other large financial institutions.

Memory squeeze from AI build-out hits consumer hardware

The high-bandwidth memory shortage tied to AI data-centre demand is spilling into retail, prompting Valve to warn of Steam Deck shortages and leading Goldman Sachs analyst Allen Chang to cut global PC shipment forecasts for 2026–28. Goldman analyst Katherine Murphy tells clients the crunch may last about two years and extends beyond chips to the broader data-centre supply chain, adding pressure on consumer electronics availability.

A European defence-tech boom challenges incumbents

Separately, Goldman analysts led by Sam Burgess report a surge in European defence startups, with more than 380 firms raising over $3 billion in dual-use areas such as AI, autonomy and cyber. The note says procurement and funding shifts favour nimble startups over legacy primes, but warns rapid capital inflows could create valuation risks unless firms convert prototypes into sustained contracts.