• Scaling Back: JPMorgan Chase, Citizens, and Huntington reduce DEI mentions in annual filings amid White House pressure.
• Industry Shift: Citi, Morgan Stanley, Bank of America, and Wells Fargo also reassessing public DEI language.
• Strategic Retraction: Goldman Sachs drops IPO diversity requirement for board composition.

Major U.S. banks are stepping back from publicly promoting their diversity, equity, and inclusion (DEI) initiatives as the White House intensifies scrutiny of private-sector DEI efforts. JPMorgan Chase, Citizens, and Huntington have notably reduced or eliminated DEI references in their latest annual filings.

JPMorgan’s latest regulatory filing states the bank “has been and expects that it will continue to be criticized by activists, politicians and other members of the public” over business practices related to public policy, including DEI initiatives.

A spokesperson pointed to a statement in the Feb. 14 filing emphasizing the bank’s belief that “long-term growth and success depend on its ability to attract, develop and retain talented employees and foster an inclusive work environment.” However, explicit mentions of “global Diversity, Equity & Inclusion centers of excellence” present in last year’s filing are notably absent this year.

Related Article: Berkshire Hathaway Drops DEI Language from Annual Report Amid Broader Corporate Shift

CEO Jamie Dimon signaled a strategic pullback, citing efficiency rather than political pressure as the reason.

“A lot of companies did things I never would have done,” Dimon said during a company town hall.
“I was never a firm believer in bias training. I saw how we were spending money on some of this stupid sh-t, and it really pissed me off,” he added, according to Bloomberg.

Other industry leaders are following suit. Citi, Morgan Stanley, Bank of America, and Wells Fargo are all reevaluating their public DEI commitments, according to The Wall Street Journal.

Goldman Sachs has also reversed a 2020 policy requiring board diversity as a condition for IPO business, signaling a broader industry trend of retrenchment on DEI.

The Bottom Line:

The banking sector’s retreat from DEI initiatives highlights a shifting landscape where political pressures and internal cost assessments are reshaping corporate strategies. For executives and investors, this pivot may signal changing priorities around corporate social responsibility and operational efficiency.

Follow ESG News on LinkedIn