JPMorgan Chase Scales Back 'Diversity, Equity, and Inclusion' Initiatives Amid Scrutiny
New York, NY - JPMorgan Chase (JPM) has removed several mentions of "diversity, equity, and inclusion" (DEI) from its annual report, reflecting the increased scrutiny surrounding such programs on Wall Street.
The revisions follow conservative activism targeting DEI policies in corporate America. Goldman Sachs recently dropped a pledge to avoid taking companies public with all-white male boards.
Meta, Walmart, and McDonald's are among other companies facing pressure to retreat from DEI initiatives. The US Supreme Court's recent ruling on affirmative action has emboldened conservative groups to challenge diversity hiring practices.
JPMorgan's annual report now contains fewer references to DEI, though the company continues to disclose workforce demographics and maintain its "diversity, equity & inclusion centers of excellence."
CEO Jamie Dimon recently expressed concerns about excessive spending on DEI programs, indicating plans to reduce some initiatives. Dimon emphasized the company's commitment to DEI for minority and LGBTQ communities.
Washington, D.C., is also increasing scrutiny of corporate diversity goals. Former President Trump signed executive orders ending federal DEI programs and calling for the elimination of illegal private sector DEI actions.
The revisions to JPMorgan's annual report and Dimon's comments highlight the challenges facing companies navigating the intersection of DEI initiatives and external pressure.