US-based bank Citigroup has joined other major corporations in pulling back on diversity, equity, and inclusion (DEI) initiatives within its hiring process. In a memo, CEO Jane Fraser announced that the bank will no longer require a diverse pool of applicants for job interviews except as required by local law.
The decision comes amid a nationwide trend of companies reassessing their DEI policies following President Donald Trump’s administration. Other top bankers such as Goldman Sachs and JPMorgan Chase have also removed similar policies in recent weeks.
Fraser noted that the company still encourages including diverse perspectives in hiring decisions, but will be more cautious in its approach to diversity hiring. The bank is also changing the name of its “Diversity, Equity and Inclusion and Talent Management” department to the “Talent Management and Engagement” team.
The Trump administration has initiated a new business climate that discourages DEI practices, with President Trump signing executive orders to review and potentially eliminate those policies. This includes revising federal acquisition rules to stop considering diversity when awarding contracts.
As one of the top bankers, Citigroup’s decision is seen as part of a broader trend of companies reassessing their DEI strategies in response to the administration’s efforts.
Source: https://www.foxbusiness.com/media/major-bank-pulls-back-diversity-job-hiring-trump-administration-dismantles-dei-nationwide