Wall Street Backtracks on DEI Programs Amid Scrutiny
JPMorgan Chase (JPM) has significantly reduced references to "diversity, equity, and inclusion" (DEI) in its annual report, reflecting the evolving landscape for DEI initiatives on Wall Street.
Compared to the previous report, JPMorgan removed four instances of the phrase, including references to "diversity, equity & inclusion centers of excellence." However, the term remains in a section addressing the company's reputational risks.
Despite the revisions, JPMorgan continues to disclose workforce breakdowns by race, ethnicity, and gender. The company also maintains its "diversity, equity & inclusion centers of excellence," as confirmed by a spokesperson.
The report updates come amidst increased pressure from conservative activists targeting DEI policies in corporate America. Last week, Goldman Sachs abandoned its pledge to avoid taking companies with all-white male boards public.
Recent Supreme Court rulings and executive orders from the Trump administration have intensified scrutiny of DEI programs. JPMorgan CEO Jamie Dimon has acknowledged the challenges, indicating plans to reduce spending on some DEI initiatives.
Despite Dimon's previous vocal support for DEI efforts, the company has not specified which programs will be affected. Dimon emphasized that the bank's commitment to diverse communities remains unchanged.
Other prominent companies, including Meta, Walmart, and McDonald's, have also scaled back DEI initiatives due to activist pressure.