From DEI Champions To Equal Opportunity: Big Banks Make A Swift U-Turn

By Greg Moriarty | Wednesday, 06 March 2024 10:30 AM
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From DEI Champions To Equal Opportunity: Big Banks Make A Swift U-Turn

In the aftermath of George Floyd's tragic demise in 2020, numerous Wall Street firms initiated a wave of diversity, equity, and inclusion (DEI) measures.

These were aimed at amplifying the representation of marginalized communities in influential roles. However, recent trends suggest a reversal of this progressive movement, with corporations subtly phasing out DEI initiatives and reverting to a merit-based, non-discriminatory hiring system.

As reported by Bloomberg, Goldman Sachs and Bank of America are among the corporations that have recalibrated their DEI-centric strategies. Goldman Sachs recently expanded the eligibility for its "Possibilities Summit," previously exclusive to black students, to include white students. Concurrently, Bank of America ceased the restriction of certain internal programs to minorities alone.

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These modifications symbolize a broader industry shift, where the emphasis on DEI appears to be gradually yielding to a renewed commitment to equal opportunity.

While no major firms have entirely abandoned DEI, many have undertaken measures to diminish its prominence. Some, like Goldman Sachs and Bank of America, have made programs accessible to individuals of all races. Others have eliminated specific language associated with DEI.

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Bloomberg reveals that Citigroup Inc, which previously incorporated the phrase "anti-racist practices" in its regulatory filings, omitted it in February. Similarly, JPMorgan Chase expunged references to certain groups in its documents.

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Data indicates that the usage of terms such as "DEI" and "diversity" by major corporations has regressed to pre-George Floyd levels. After peaking in 2022, the usage of these terms has been steadily declining, except for a brief resurgence in the second quarter of 2023. This was when the Supreme Court delivered its landmark ruling prohibiting racial discrimination in college admissions.

Some attribute this ruling as a pivotal moment in large firms' transition away from DEI, prompting them to reconsider the potential legal implications of excluding certain groups from specific programs and positions.

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