Big banks are quietly revising their public statements on diversity, equity, and inclusion (DEI) policies in response to the actions taken by US President Donald Trump. The Wall Street Journal reports that JPMorgan Chase, Citigroup, and Morgan Stanley are toning down their language on DEI, while Wells Fargo and Bank of America are also reviewing their statements. This shift marks the first time that Wall Street has distanced itself from DEI since initially embracing it in 2020.
The banks’ adjustments are a reaction to Trump’s executive order titled “Ending Radical And Wasteful Government DEI Programs And Preferencing,” as well as his revocation of over 80 executive orders signed by former US President Joe Biden related to DEI. For example, Morgan Stanley has removed a webpage promoting a scholarship and recruiting program for those “historically underrepresented in the financial services industry.” If reactivated, the program is likely to be reworded to appeal to a broader range of applicants.
Some banks have been cautioned by their legal teams that maintaining DEI practices while eliminating public affirmations of them could open them up to criticism or potential legal action if whistleblowers alert federal officials or activists. Workers and civil rights organizations have started legal proceedings to challenge Trump’s executive orders, arguing that they could harm specific groups. White House spokesman Harrison Fields stated that the Trump administration is prepared to defend its position in court.