Big banks are quietly scrubbing the public record of their diversity, equity and inclusion (DEI) policies following US President Donald Trump’s upheaval of the controversial practice.
Citing banking executives, lawyers and other insiders familiar with the matter, The Wall Street Journal reports that JPMorgan Chase, Citigroup and Morgan Stanley are all “watering down” their language on DEI, while Wells Fargo and Bank of America are also starting to analyze their language.
It marks the first time that Wall Street has pulled away from DEI since first embracing it in 2020.
The banks’ pivot is in reaction to Trump’s signing of the executive order titled “Ending Radical And Wasteful Government DEI Programs And Preferencing” targeting DEI, plus his rescinding of over 80 executive orders signed by former US President Joe Biden that touch on DEI.
Morgan Stanley has reportedly deactivated a page on its website promoting a scholarship and recruiting program that was advertised as being for people who are “historically underrepresented in the financial services industry.”
If the link is reactivated, WSJ reports that Morgan Stanley will most likely reword it so the program is being advertised to a wider array of applicants.
Certain banks have also been warned by their lawyers that keeping DEI practices in place after erasing public affirmations of them leaves them at risk for criticism or potential litigation if whistleblowers alert federal officials or activists.
FOX News reported that workers and civil rights organizations have begun suing to stop Trump’s executive orders, arguing among other things, that they will negatively affect certain groups of people.
White House spokesman Harrison Fields said the Trump administration was “ready to face them in court.”
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