US Banks Remove DEI Programs Following Trend Set by the White House
JPMorgan Chase announced an end to the bank’s Diversity Equity and Inclusion program, and has effectively changed its title to DOI (Diversity, Opportunity, and Inclusion).
According to a company memo obtained by Reuters, Chief Operating Officer Jenn Piepszak said that the bank always considered equity to be a synonym for opportunity. The COO explained this further:
“The ‘e’ always meant equal opportunity to us, not equal outcomes, and we believe this more accurately reflects our ongoing approach to reach the most customers and clients to grow our business, create an inclusive workplace for our employees and increase access to opportunities.”
The bank’s DOI webpage still lists the following offices as being under the new DOI name:
- Office of Black Affairs
- Office of Hispanic and Latino Affairs
- Office of Asian & Pacific Islander Affairs
- Office of Disability Affairs
- Office of LGBTQ+ Affairs
- Office of Military & Veterans Affairs
- Office of Women’s Affairs
Other banks have followed this trend toward company DEI policies. In February, Citigroup will no longer require diversity as a key factor during its consideration for job candidates.
JPMorgan Chase has a similar merit-based process of hiring. At a Black Rock Retirement Summit, JPMorgan CEO Jamie Dimon stated:
“We do not have quotas. We do merit hiring based upon your brain, your heart, your soul, your capability, your background and stuff like that.”
Goldman Sachs canceled a policy enacted during the Biden administration of “exclusively taking public companies with at least two diverse board members.”
Company trends of removing or changing DEI policies coincide with the Trump Administration’s efforts to cut DEI from the federal government.
