Goldman Sachs is set to open a new philanthropy fund that seeks to raise $1-billion from its employees over the next few years, reports The New York Times.

Lloyd C. Blankfein, chairman and chief executive of Goldman Sachs, explained, “We know we make a lot of money, and we know that we live in this world and we have a responsibility to give something back.”

The announcement follows a record-breaking year in profits for the global investment bank.

GS Gives will initially focus on encouraging the firm’s roughly 350 partners to donate a fixed amount of their compensation and will eventually open the fund to a larger group of employees. Donors will be allowed to channel money they put into the fund to particular causes.

If initial efforts are successful, Goldman officials expect the fund to begin with $87.5-million.

Some critics say that the fund is just a mask to hide large bonuses of Goldman partners, but Mr. Blankfein is adamant about the company’s intentions. He said, “We have, as part of who we are, a very long history of charitable giving.”

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