Major US banks are quietly changing how they talk about diversity, equity, and inclusion (DEI) following President Trump’s recent executive order.
A Shift on Wall Street
According to reports, JPMorgan Chase, Citigroup, and Morgan Stanley are toning down their public DEI statements. Wells Fargo and Bank of America are also reviewing their language. This marks a significant shift from 2020 when these banks first embraced DEI initiatives.
The Trump Administration’s Impact
The banks’ actions are a direct response to Trump’s executive order aimed at ending what he calls “radical and wasteful government DEI programs.” This order, along with the rescission of several Biden-era executive orders related to DEI, has created uncertainty for businesses.
Specific Examples
Morgan Stanley, for instance, reportedly deactivated a webpage promoting a scholarship program specifically for underrepresented groups in finance. If the page is reactivated, the language will likely be changed to broaden the program’s appeal.
Legal Concerns
Banks are also getting legal advice, fearing potential lawsuits if they continue DEI practices while publicly downplaying them. Whistleblowers or activists could bring legal challenges.
Legal Challenges to the Executive Order
Meanwhile, lawsuits have already been filed challenging Trump’s executive orders. The White House has stated its readiness to defend the orders in court.
