Financial institutions distance themselves from discussions regarding Diversity, Equity, and Inclusion initiatives
In the ever-evolving landscape of corporate diversity, equity, and inclusion (DEI) efforts, JPMorgan Chase has announced significant changes to its approach. The banking giant, under the leadership of CEO Jamie Dimon, is reshaping its DEI initiatives amid shifting political and legal landscapes influenced by policies from the Trump administration and ongoing political debates.
Key updates include a rebranding of the DEI program, a shift towards opportunity and integration within core business functions, and a dilution of explicit DEI references in public messaging.
In March 2025, JPMorgan Chase changed its DEI program name to "Diversity, Opportunity, and Inclusion" (DOI), clarifying that the original 'E' in DEI stood for "equal opportunity" rather than "equal outcomes." The bank aims to integrate inclusion more deeply into business operations while improving efficiency.
CEO Jamie Dimon has been vocal about his criticism of the Democratic Party’s approach to DEI, labeling their policies as overly ideological and impractical. Dimon has also expressed his disapproval of bias training, calling it "stupid."
These changes and critiques occur amid a backdrop where the Trump administration had signed orders targeting DEI initiatives across the country, leading major financial institutions, including JPMorgan, to adjust their programs to comply with new laws and regulations.
Other large companies, such as Meta, Amazon, Walmart, Target, McDonald's, and Ford, have also dropped DEI initiatives or changed policies. Big banks, including Citi, Morgan Stanley, Bank of America, and Wells Fargo, are reportedly shying away from more public mentions of their diversity and inclusion initiatives.
JPMorgan Chase maintains its commitment to supporting Black, Hispanic, LGBTQ, and disabled communities, albeit in a more "practical" manner. The bank's long-term growth and success, according to its annual filing, depend on its ability to attract, develop, and retain talented employees and foster an inclusive work environment.
Notably, Goldman Sachs recently scrapped a policy it established in 2020, to turn down initial public offering business from companies with all-white and male boards of directors, citing legal developments as the reason.
In contrast, Huntington Bank and Citizens have maintained their commitment to fostering a diverse, inclusive environment, with Huntington Bank still noting its use of Inclusion Councils, Business Resource Groups, and Communities of Practice. Citizens, however, has removed a "Diversity, Equity and Inclusion" section from its annual report, replacing it with a "Culture of Inclusion" and an "enterprise inclusion strategy."
Democratic lawmakers have asked Federal Reserve and Treasury Department officials what actions they’ve taken in response to the Trump administration’s DEI crackdown. As of mid-2025, the landscape of DEI initiatives in major corporations continues to evolve, reflecting both internal strategic decisions and external political/legal pressures.
- In the wake of political and legal landscape changes influenced by the Trump administration, JPMorgan Chase, among other major companies like Meta, Amazon, and Walmart, has implemented significant updates in its Diversity, Opportunity, and Inclusion (DOI) program.
- Despite the recent changes and criticisms from CEO Jamie Dimon towards Democratic Party’s approach to DEI, JPMorgan Chase still maintains its commitment to supporting diverse communities, focusing more on practical strategies that prioritize efficiency and business operations.
