Bank Revises DEI Approach Amid Regulatory and Market Changes

NEW YORK, March 21 (Reuters) – JPMorgan Chase (JPM.N) is making key adjustments to its Diversity, Equity, and Inclusion (DEI) initiatives, altering terminology and restructuring programs in response to evolving regulations and market dynamics, according to an internal memo seen by Reuters.

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Key Changes to JPMorgan’s DEI Strategy

The bank is replacing "equity" with "opportunity", renaming its framework Diversity, Opportunity, and Inclusion (DOI).

Jenn Piepszak, JPMorgan’s Chief Operating Officer, emphasized in the memo that the shift aims to better align with the bank’s vision:

"The ‘E’ always meant equal opportunity to us, not equal outcomes. This update more accurately reflects our approach to reaching the most customers, growing our business, and increasing access to opportunities."

Structural Adjustments and Training Reduction

DEI programs that were previously managed centrally will now be integrated into various business lines, such as human resources and corporate responsibility.
The bank will reduce training on diversity-related topics.

Despite these changes, Thelma Ferguson will continue overseeing the DOI organization.

Regulatory Pressures and Market Trends

JPMorgan’s adjustments come as corporate DEI programs face increasing scrutiny. In its latest annual filing, the bank mentioned DEI only once, a significant drop from six mentions in previous years.

The broader business landscape is also experiencing a rollback in DEI initiatives:

Citigroup (C.N) removed its diverse candidate requirement for job interviews and rebranded its DEI team as Talent Management and Engagement.
Goldman Sachs (GS.N) dropped its diverse board member policy and removed a "diversity and inclusion" section from its annual filing.

These changes are unfolding as regulatory and political landscapes shift, with some corporations scaling back their DEI efforts following conservative pushback and executive orders restricting DEI policies.

Looking Ahead

JPMorgan’s modifications signal a broader corporate trend of redefining diversity strategies while maintaining a focus on inclusive growth and workforce opportunities. The bank remains committed to expanding access, though it is adapting its approach to align with current business and regulatory realities.

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