Exeter College has a received a £1.1 million donation from Goldman Sachs.
According to the college, the vast majority of the donation will be used to provide needs-tested bursaries.
Exeter’s Rector, Frances Cairncross, stated: “The very welcome gift from Goldman Sachs is tied specifically by the donor to relieving student hardship. It will be added to our endowment and will allow us, under our spending rules, to use just over £30,000 a year to help students in financial need.”
Not everyone was so delighted with the way Exeter is using the donation. An Exeter hall boycott Twitter account called “The Bursar’s Reply” tweeted: “Also, @ExeterCollegeOx has just been given £1 million by Goldman Sachs. Is this going towards reducing the catering charge? Nope.”
Rector Cairncross responded: “We already subsidise the costs of student meals, but our priority in the College is to spend our scarce funds on tuition and hardship.”
Others were merely perplexed. Matt Stokes, an Exeter undergraduate, tweeted in response to the donation: “Fo’ real? What for? I thought we already had enough encouragement to sell our souls.”
This continues a trend of Goldman Sachs generosity towards Oxford. In previous years, the investment bank has given money to both Christ Church and Balliol.
The money came from the ‘Goldman Sachs Gives’ program. The company described it as a “a donor-advised fund, from which current and retired senior employees can recommend grants to qualified non-profit organisations”.
It claims to have given out in excess of $700 million since 2010.