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Investing.com -- JPMorgan Chase (NYSE:JPM) is adjusting its Diversity, Equity and Inclusion (DEI) programs and the language used to describe them, according to Reuters, citing a memo. The adjustments are part of an effort to stay aligned with market trends and regulatory changes. Notably, the bank is replacing the term "equity" with "opportunity," rebranding the initiative as the Diversity, Opportunity (SO:FTCE11B), and Inclusion (DOI) program.
Jenn Piepszak, JPMorgan Chase’s Chief Operating Officer, clarified that the "e" in the original DEI acronym was always intended to represent equal opportunity, not equal outcomes. She stated that the new term more accurately reflects the bank’s ongoing strategy to reach the most customers and clients, foster an inclusive work environment, and increase access to opportunities.
The DOI organization will continue to report to Thelma Ferguson, as confirmed by Piepszak. Some of the diversity programs previously managed by the DOI organization will now be incorporated into different business lines, including human resources and corporate responsibility. Piepszak indicated that this may result in the consolidation of certain activities, councils, or chapters to streamline the process and engagement strategy.
The bank also plans to decrease the amount of training provided on these topics. In a regulatory filing last month, JPMorgan Chase, the largest U.S. lender, acknowledged that it expected criticism regarding some of its business practices, including DEI. The bank’s latest annual filing mentioned DEI only once, in contrast to six mentions in previous years.
This change in JPMorgan Chase’s diversity policies follows similar moves by other major U.S. and some European companies in response to an executive order by President Donald Trump to limit such programs in the U.S. Before Trump’s presidency, large corporations were already facing increasing pressure from conservative groups to modify or scale back their DEI policies aimed at enhancing racial and ethnic representation in the workplace.
Last month, Citigroup (NYSE:C) announced that it would no longer require a diverse slate of candidates for job interviews and that it was changing the name of the "Diversity, Equity and Inclusion and Talent Management" team to "Talent Management and Engagement." Similarly, Goldman Sachs rescinded a four-year-old policy of exclusively taking public companies with at least two diverse board members public, and removed an entire section dedicated to "diversity and inclusion" from its annual filing.
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