Topline
Major Financial Institutions Like JPMorgan Chase and Morgan Stanley Allegedly Reducing DEI Mentions – Check Out The List of Businesses Reverting DEI Strategies
In the aftermath of President Trump's second term, significant changes are occurring within major corporations regarding diversity, equity, and inclusion (DEI) initiatives. As a result, several prominent organizations are adjusting their DEI policies, including major banks like JPMorgan Chase, Morgan Stanley, and Citigroup.
Timeline
Feb. 17: JPMorgan Chase, Morgan Stanley, and Citigroup have reportedly removed or toned down language around their DEI efforts, with other banks like Wells Fargo and Bank of America reviewing their language as well.
Feb. 13: Major companies, such as Coca-Cola and PepsiCo, are preparing to comply with Trump's executive order seeking to ban DEI programs due to their government contracts. Their adjustments will likely be reflected in future Securities and Exchange Commission filings.
Feb. 12: JPMorgan Chase CEO Jamie Dimon expressed frustration with wasteful expenses related to DEI and declared a commitment to Black, Hispanic, and LGBTQ+ community outreach. Dimon reiterated these viewpoints despite other companies scaling back their DEI commitments, even as anti-DEI crusaders target his company.
Feb. 11: Goldman Sachs dropped a requirement for diversity on companies it takes public. Disney has shifted its "Diversity & Inclusion" performance metric, axed its "Reimagine Tomorrow" website, adjusted content warnings on older films, and revised diversity and inclusion references.
Feb. 11: Deloitte instructed employees working with government clients to remove pronouns from their email signatures and to roll back DEI goals and cease issuing diversity reports. However, Deloitte's United Kingdom branch remains committed to DEI goals and diversity.
Feb. 10: PBS shut down its diversity, equity, and inclusion office in compliance with Trump's anti-DEI executive orders and dismissed employees who worked in the DEI roles.
Feb. 7: More than a dozen companies, including Pepsi, GM, Google, Disney, GE, Intel, PayPal, Chipotle, and Comcast, have decreased or removed references to DEI in their investor reports, reflecting a broader trend among corporations.
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Robby Starbuck, a well-known critic of woke corporate culture, has been Praising the recent walkbacks by JPMorgan Chase, Walmart, and other corporations on their diversity, equity, and inclusion (DEI) initiatives. He believes these corporations are recognizing disparities in their DEI policies and taking steps to address them.
Amazon and Boeing are among the companies who have not yet announced any changes to their DEI commitments, despite the trend towards scaling back. Critics argue that these companies risk being seen as out of touch with societal shifts if they fail to adapt.
In response to the backlash against DEI programs, Meta, the parent company of Facebook, has stated that it remains committed to DEI, emphasizing its importance in fostering a diverse and inclusive workforce.
According to reports, Robby Starbuck has been lobbying against DEI initiatives in major corporations, including McDonald's and Walmart, urging them to axe their DEI programs entirely. However, these companies have so far only made minor adjustments to their language and policies.
As a result of the ongoing debate around DEI, some analysts predict that DEI reports in investor filings may become less common in the future. This could potentially lead to a decrease in transparency around corporations' efforts to address disparities within their organizations.
While several companies have toned down their DEI commitments, others have continued to prioritize DEI in their strategies. For instance, Morgan Stanley has announced plans to invest $10 billion in communities of color and women-owned businesses.
The conversations around DEI in corporations have become increasingly nuanced, with some executives expressing frustration with the perceived waste of resources on DEI initiatives, while others continue to see value in their commitment to fostering diversity and inclusion.
