Despite increasing pressure from anti-DEI activists fueled by recent political shifts, several financial institutions, including Goldman Sachs and JPMorgan Chase, have chosen to maintain or even strengthen their DEI programs.
Goldman Sachs and JPMorgan Chase are among the financial institutions that currently face pressure from anti-DEI (Diversity, Equity, and Inclusion) activists in the US but continue to hold their ground.
Groups such as the National Center for Public Policy Research (NCPPR), the National Legal and Policy Center (NLPC), and the Heritage Foundation, which hold minor stakes in these banks, have submitted proposals challenging the banks’ DEI policies. Some individual anti-DEI activists also join the calls. They urge the given institutions to scale back or eliminate their DEI initiatives, arguing that such policies expose the banks and shareholders to significant legal risks. Bank of America and Citigroup have also received similar proposals.
Despite these pressures, both Goldman Sachs and JPMorgan Chase have reaffirmed their commitment to DEI. JPMorgan CEO Jamie Dimon emphasised the importance of diversity initiatives at the World Economic Forum in Davos on Wednesday, indicating that the bank will continue its efforts to promote an inclusive workplace.
Goldman Sachs has also maintained its DEI programs, underscoring the value of diverse perspectives in driving innovation and serving clients effectively. Its CEO, David Solomon, stated that while he hasn’t reviewed specific shareholder proposals, the company is focused on meeting client needs, such as concerns about decarbonisation, climate transition, and diversity in talent acquisition.
While many big tech and e-commerce companies such as Meta and Walmart have announced their intention to roll back their DEI programs, others, including Goldman Sachs, JPMorgan Chase, Apple, Target and Costco, are so far opposing the pressure from right-leaning conservative groups.
These are some of the examples of a commitment within the financial sector to uphold DEI principles, recognising their importance in fostering inclusive workplaces and driving long-term success.
At the same time, these companies may eventually need to make some modifications to their corporate processes around racial and gender quotas to ensure legal compliance if further legislation or regulations on the matter are enacted.
Recently, President Donald Trump signed an executive order to dismantle DEI programs in the public and private sectors. The order, called “Ending Illegal Discrimination and Restoring Merit-Based Opportunity,” aims to eliminate what the administration calls “illegal preferences” based on race, sex, or other identity categories. Trump and his supporters argue that DEI initiatives are discriminatory, demeaning, and immoral, contradicting their goal of promoting equality.
Although the order itself does not have legally binding force similar to the laws passed by Congress, it directs federal agencies to implement certain policies and actions, which can affect how government agencies and contractors operate.
