Banks Including JPMorgan Chase And Morgan Stanley Reportedly Cutting Back DEI References—Here Are All The Companies Rolling Back DEI
Timeline
JPMorgan Chase, Morgan Stanley and Citigroup were “removing or watering down” language around their DEI efforts, unnamed people familiar with the matter told The Wall Street Journal, and other banks including Wells Fargo and Bank of America have begun reviewing their DEI language, as well.
Coca-Cola and PepsiCo were preparing to comply with Trump’s executive order that sought to ban DEI programs as both receive government contracts, Bloomberg reported; Coca-Cola’s changes will likely be disclosed in future Securities and Exchange Commission filings, according to the report, and PepsiCo’s latest filing removed references to its “diverse workforce” and DEI.
Dimon said he “saw how we were spending money on some of this stupid s—-, and it really pissed me off,” stating in response to a question about DEI he will “cancel” some expenses he views as wasteful, Bloomberg reported, though he also reiterated his commitment to Black, Hispanic and LGBTQ community outreach, a viewpoint he has repeated in recent weeks even as other companies roll back their DEI commitments—and he has previously slammed “ridiculous” anti-DEI crusaders targeting his company. (Forbes has reached out to JPMorgan Chase for comment).
Goldman Sachs said it would drop a requirement that a company it takes public must have at least two diverse members on its board of directors, one of whom had to be a woman, which a company spokesperson told Axios is because of “legal developments related to board diversity requirements” (A federal appeals court in December ruled Nasdaq could not require companies to have board diversity quotas.)
Disney is making several changes to its DEI approach, including shifting its “Diversity & Inclusion” performance metric used to evaluate employees to “Talent Strategy,” which is focused more on business outcomes, while also axing its “Reimagine Tomorrow” website which highlights diverse employees and adjusting content warnings it attached to some of its older films on Disney+ to remove references to diversity and culture.
Deloitte told U.S. employees working with government clients to remove pronouns from their email signatures and said it would roll back its DEI goals and cease issuing diversity reports—but the firm’s United Kingdom branch told its staff diversity “remains a priority” and it would stand by its diversity goals.
PBS—which Trump has repeatedly called for defunding—shuttered its diversity, equity and inclusion office, and those who worked in DEI roles have left the company, which PBS said in a memo to staff is to make sure it complies with Trump’s anti-DEI executive orders.
Days after it cut diversity hiring goals, a Google spokesperson told CNBC it no longer marks the start of cultural observances like Pride Month and Black History Month because “maintaining hundreds of moments manually and consistently globally wasn’t scalable or sustainable,” though it said it began making these changes in mid-2024.
NPR first reported more than a dozen companies have pared back, or removed altogether, references to diversity, equity and inclusion in their 2024 annual reports to investors, including Pepsi, GM, Google, Disney, GE, Intel, PayPal, Chipotle and Comcast (GM removed all references to diversity, NPR reported, while Pepsi removed nearly all references after writing in its investor report last year DEI is a “competitive advantage.”)
Professional services company Accenture said it would no longer use diversity targets in hiring and promoting, citing the Trump administration’s push for private companies to roll back DEI goals, the company’s chief executive Julie Sweet said in a memo to staff, Bloomberg reported.
Amazon’s annual report filed with the Securities and Exchange Commission for 2024 omitted a section included in the company’s prior annual report, which indicated Amazon has a focus on “inclusion and diversity” in hiring (the news was first reported by CNBC).
The government-funded railroad service Amtrak confirmed to Bloomberg it would roll back its DEI programs and policies, which appeared to include efforts to hire and promote diverse employees and employee resource groups, according to the company’s 2023 diversity report.
Google informed its employees in an email that it will no longer have hiring targets around improving diverse representation among its staff, The Wall Street Journal first reported, and it is evaluating whether to continue other DEI programs and release DEI reports—though it will continue having resource groups for underrepresented staff members.
The Smithsonian Institution told employees its diversity office is closing as a “first step” to address Trump’s new federal policy that declared DEI programs as “dangerous” and “demeaning,” the Washington Post reported, and the link to the institution’s 2022 diversity and inclusion initiatives report and link to its equal employment opportunity policy are broken.
Target, which had already curbed its LGBTQ Pride merchandise line in response to conservative backlash, announced it would pull back on racial hiring targets, end its Racial Equity Action and Change program and cease participation in external diversity surveys, with chief community impact and equity officer Kiera Fernandez telling employees in a memo the decisions were made based on “many years of data” and an effort to stay “in step with the evolving external landscape.”
The FBI confirmed in a statement to Forbes it had closed its DEI office—a frequent target of attacks by Republicans—in December, prompting President-elect Donald Trump to demand the agency “preserve and retain all records” relating to the shuttered office as he accused the FBI of “corruption” in a Truth Social post.
Amazon said it would roll back what it called “outdated programs and materials” in an internal memo, though it did not specify what would be discontinued, while certain programs aimed at addressing disparities would continue until the disparities are eliminated
Meta said in a memo the company ended several programs intended to increase its hiring of diverse candidates, including its equity and inclusion training programs, after Janelle Gale, Meta’s vice president of people, said the “legal and policy landscape” surrounding DEI efforts in the U.S. is “changing.”
McDonald’s announced it would abandon specific diversity targets, cease participation in external surveys that measure company demographics and would rename its diversity team to “Global Inclusion Team,” citing the Supreme Court decision that ended affirmative action at universities and similar DEI walkbacks by other corporations, though it said it would continue to report demographic information in its own annual report.
Walmart said it would abandon its DEI commitments, including winding down a Center for Racial Equity nonprofit it had founded in 2020 with a $100 million, 5-year commitment, ceasing third-party sellers from offering certain LGBTQ-themed products on its website, no longer participating in the Human Rights Campaign’s external surveys and phasing out the term “diversity, equity and inclusion” in company documents.
Boeing dismantled its global diversity, equity and inclusion department and redirected its staff to its human resources department to focus on talent acquisition and employee experience, Bloomberg reported.
Molson Coors, which had in 2023 defended a feminist-themed ad that sparked conservative backlash, said it would abandon supplier diversity quotas, shift DEI training sessions to focus on business objectives and stop participating in external diversity surveys, despite previously receiving a perfect 100 from the Human Rights Campaign for its LGBTQ policies.
Lowe’s said in an internal memo it would combine its employee resource groups into one umbrella organization, cease participating in HRC surveys and would stop participating in external events like Pride parades.
Ford Motor Co. informed employees it would stop participating in external diversity surveys and would evolve its employee resource groups to focus on networking and mentorship to all employees, citing the evolving “external and legal environment related to political and social issues.”
Jack Daniel’s manufacturer Brown-Forman told employees it would no longer tie executive compensation to DEI progress, remove workforce and supplier diversity goals and cease participating in the HRC index, citing the shifting “legal and external landscape.”
Harley-Davidson said it abandoned its “DEI function” in April and said it does not utilize diversity quotas for hiring or suppliers, and that it would no longer participate in HRC surveys or partner with sponsors that do not focus on its “loyal riding community.”
Farm equipment manufacturer John Deere said it would no longer support “cultural awareness” events like Pride parades and would audit company documents to remove “socially-motivated messages,” adding that diversity quotas and pronoun identification have never been company policy, though it said it would continue to internally track employee diversity.
Contra
Costco has refused to back down from its DEI policies. The company’s shareholders overwhelmingly voted to reject a proposal that would have obligated the company to review the potential risks of maintaining its DEI initiatives, with more than 98% of shareholders voting against the proposal. The board said it “believes that our commitment to an enterprise rooted in respect and inclusion is appropriate and necessary.” Apple’s board similarly urged shareholders to reject a proposal raised by the same think tank, accusing the group of “inappropriately” attempting to “restrict Apple's ability to manage its own ordinary business operations.” Delta Airlines also said it remains committed to DEI on a Jan. 10 earnings call. Peter Carter, the company’s executive vice president for external affairs, told a reporter the company is not reevaluating DEI or sustainability policies because “they are actually critical to our business,” stating DEI is “about talent and that's been our focus.” Cisco CEO Chuck Robbins told Axios “a diverse workforce is better” because “there’s too much business value.” Robbins said the DEI backlash is being treated as a “single issue” when it is really “made up of 150 different things, and maybe seven of them got a little out of hand,” but those few things are “going to get solved and then you're going to be left with common sense.” Deutsche Bank CEO Christian Sewing said at a press conference the company stands “firmly behind” its “integral” DEI programs, stating the company can “see how Deutsche Bank has benefited from it,” making it the latest bank to defend DEI after conservative groups filed shareholder proposals at various banks urging them to review their diversity policies. NFL Commissioner Roger Goodell said at a press conference ahead of Super Bowl LIX the NFL—which requires teams to interview at least two minority candidates for vacant head coach, general manager and coordinator positions as part of its broader commitment to diversity—will continue its diversity efforts “because we’ve not only convinced ourselves, I think we’ve proven ... that it does make the NFL better,” and he added: “We’re not in this because it’s a trend to get into it or a trend to get out of it.”
How Are Trump’s Department Of Justice And Pam Bondi Targeting Dei?
Shortly after being sworn in, Attorney General Pam Bondi issued a memo to Justice Department staff stating the department will “investigate, eliminate, and penalize illegal DEI and DEIA preferences” at private companies and universities that receive federal funds. She urged the department to enforce federal civil rights laws to push private companies to roll back DEI, and cited the Students for Fair Admissions v. Harvard Supreme Court case, which ended affirmative action, as cause for eliminating DEI at universities.
What Has Trump Said About Dei Programs?
In an executive order issued on the first day of his second term, President Donald Trump ordered the elimination of diversity, equity and inclusion programs within the federal government—but it has also threatens to punish some private entities, like public companies, non-profits and universities, that use them. In his executive order, Trump slammed the “infiltration” of the federal government with DEI programs, citing an executive order former President Joe Biden issued on his first day in office that directed federal agencies to address racial inequities. Trump’s executive order directs federal government agencies to no longer consider diversity in hiring and revise employee training programs to gut DEI training. The order also demands the elimination of “environmental justice” offices and positions in federal agencies. During his inaugural address, Trump vowed he would “end the government policy of trying to socially engineer race and gender into every aspect of public and private life,” stating he would “forge a society that is colorblind and merit-based.” Trump also signed an executive order eliminating DEI offices and policies within the military, Department of Defense and Department of Homeland Security, which he considered to be “race-based and sex-based discrimination,” and in a separate executive order, effectively reinstated his 2017 ban on transgender troops, banning “identification-based pronoun usage” and prohibiting troops assigned male at birth from using women’s bathing or sleeping facilities.
What Did Ceos—and Trump—say About Dei At Davos?
Several business leaders addressed diversity, equity and inclusion at the World Economic Forum in Davos, Switzerland, while Trump railed against it in his speech. In his address, Trump said his administration is moving to “abolish all discriminatory diversity, equity, and inclusion nonsense” in both the government and the private sector, and said the United States will become a “merit-based country.” But some CEOs who attended the forum this week defended the practice, CNBC reported, including JPMorgan Chase CEO Jamie Dimon, who said his company will “continue to reach out to the Black community and Hispanic community, LGBT community, and the veteran community.” Nasdaq CEO Adena Friedman said attitudes toward diversity “come and go with different political cycles” and her company will continue to value “diversity of views and diversity of backgrounds.” Vista Equity Partners CEO Robert Smith said “diversity is a great thing in business,” stating diverse teams are more productive. Reuters spoke with three unnamed tech executives at Davos, all of whom run companies that have contracts with the U.S. government, who said their companies would not abandon DEI, though they may need to find new words to describe their diversity efforts as the term “DEI” becomes more politically charged. Bank of America CEO Brian Moynihan told Reuters diversity has “commercial logic,” while Bain & Company executive Alexander Schmitz said private equity firms that roll back DEI will likely have a “problem in fundraising.” Former U.S. Ambassador to the United Nations Nikki Haley slammed DEI at Davos, stating companies are “pulling back from DEI and I welcome that” because Americans “don't want to be a label.”
What Is The National Center For Public Policy Research?
A conservative think tank, the group pushes shareholder resolutions at many companies that would roll back corporate DEI and environmental regulations. The group launched its Free Enterprise Project in 2007 to combat what it calls the “woke takeover of American corporate life” through these proposals. Apple previously rebuffed the National Center for Public Policy Research in 2014, when shareholders rejected a resolution that would have forced the company to disclose more about the cost effectiveness of its investments to combat climate change. Apple CEO Tim Cook reportedly became visibly angry at the company’s annual meeting when a NCPPR representative asked him questions, stating the company considers more than just profitability when it invests in environmental causes. “If you want me to do things only for [return on investment] reasons, you should get out of this stock,” Cook said.
Why Are Dei Policies Under Attack?
Diversity, equity and inclusion policies—which can include employer-mandated diversity trainings, resource groups for underrepresented minorities and commitments to equity in hiring—swept corporate America after the 2020 police killing of George Floyd. But recently, these programs have faced legal and political challenges and a wave of backlash from conservative critics and free speech advocates, who consider DEI policies racist and “woke.” Billionaires Bill Ackman and Elon Musk are among the anti-DEI crusade’s most outspoken advocates. Ackman became DEI’s fiercest crusader last year when he pushed for the eventual resignation of former Harvard University President Claudine Gay after her remarks to Congress about antisemitism on campus following the Oct. 7 attacks in Israel were widely criticized. Ackman, in an essay slamming DEI, claimed he had learned Gay was hired through a Harvard presidential search process that primarily considered candidates who met certain diversity criteria, though a Harvard spokesman said DEI officers had no hiring authority. Many Republican-controlled state legislatures took action against DEI in 2024, with several states, including Alabama, Iowa and Utah banning DEI at public colleges and universities. The wave of conservative backlash against companies deemed “woke” picked up significant steam in 2023 when Bud Light became the target of a conservative boycott after it briefly collaborated with transgender influencer Dylan Mulvaney for a marketing promotion. The boycott tanked the beer brand’s sales and unleashed a wave of smaller copycat boycotts against companies who engaged in marketing outreach to the LGBTQ communities or voiced commitments to DEI.
Who Is Robby Starbuck?
Robby Starbuck, a former music video director, has led the charge on social media against companies that are committed to DEI policies and has orchestrated public pressure campaigns to get companies to abandon these commitments. Several of the companies that have abandoned DEI policies in recent months were targeted by Starbuck, who encouraged his followers to boycott companies including John Deere, Harley-Davidson and Lowe’s. Starbuck has claimed credit for these policy changes, stating in a post on X in November he had threatened to expose the “wokeness” at Walmart, but claimed he had “productive conversations” with the company that influenced its decision to scale back its DEI efforts. Starbuck again claimed credit for McDonald’s rolling back its DEI policies, posting on X that he had told the company he would publish a “story on woke policies there” three days before it announced its DEI policy changes.
Chief Critics
The Human Rights Campaign, whose Corporate Equality Index is a frequent casualty of the DEI policy rollbacks, criticized the anti-DEI crusade in its fall 2024 magazine as a “coordinated campaign led by the same actors who have been driving the wave of anti-LGBTQ+ legislative and legal attacks across the country.” HRC called out Starbuck for “misrepresenting” the Equality Index as a “coercive tool forcing businesses to adopt ‘woke’ policies,” instead clarifying it is a “voluntary, widely respected benchmark for LGBTQ+ workplace inclusion.” Mark Cuban has frequently defended DEI, stating in April he believes “DEI is a positive because I see its impact on bottom lines,” citing the hundreds of companies he invests in.
Key Background
Some companies slashing their DEI programs have cited the Supreme Court’s June 2023 decision, Students for Fair Admissions v. Harvard, which ruled race-based affirmative action programs in college admissions violate the equal protection clause of the Fourteenth Amendment.
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