Bank of America has dropped its diversity hiring goals, following a shift in the US business climate under President Donald Trump. The second-largest lender cited new laws, court decisions, and executive orders from the administration as reasons for reevaluating its programs.
The bank’s decision comes amid a wave of businesses rolling back diversity, equity, and inclusion initiatives since Trump took office. Citigroup and Goldman Sachs have also softened their stance on DEI, although BofA claims to maintain a diverse company with representation from different economic backgrounds and ethnicities.
BofA CEO Brian Moynihan stated that the bank provides opportunities for all its clients, shareholders, and employees, regardless of background. Last year, 387 employees were promoted to managing director roles, with over half being women and people of color.
Source: https://eu.usatoday.com/story/money/business/2025/02/25/bank-of-america-scrap-dei-goals/80344364007