US President Donald Trump’s recent executive order and rescinding of Biden-era DEI policies have prompted several big banks to tone down their diversity and inclusion language. According to reports, JPMorgan Chase, Citigroup, Morgan Stanley, Wells Fargo, and Bank of America are all revising their public statements on the topic.
The Wall Street Journal has confirmed that some banks are removing or softening language related to historically underrepresented groups, in response to concerns about potential criticism or litigation. Morgan Stanley was found to have deactivated a website page promoting a scholarship program targeting underrepresented individuals in the financial industry.
Critics of Trump’s policies argue that they will negatively affect certain groups and have begun suing to stop them. The White House has stated its readiness to face such lawsuits in court.
This marks a significant shift for Wall Street, which initially welcomed DEI initiatives in 2020 but is now scaling back due to concerns about Trump’s executive orders.
Source: https://dailyhodl.com/2025/02/23/jpmorgan-chase-wells-fargo-bank-of-america-citigroup-and-morgan-stanley-examining-or-eliminating-dei-language-after-trumps-executive-order-report