The gift was motivated in part by the fierce competition between Internet start-ups and Wall Street firms for top-rate employees.
“Our major asset is our people because right now there is tremendous competition for talent,” John Thain, Goldman’s president and co-chief operating officer, told Reuters.
The foundation hopes that Goldman Sach’s gift will serve as an example for other corporate philanthropy.
Goldman Sach’s donation is the largest the foundation has ever received from a Wall Street firm.
The Jackie Robinson Foundation spends more than $2 million a year, providing college scholarships, mentoring services and internship programs that provide summer jobs for students corporations, including Goldman Sachs.
The program sponsors 215 students at 71 colleges and has a 92 percent graduation rate.