By Nupur Anand
NEW YORK (Reuters) – JPMorgan Chase (JPM) chief operating officer Jenn Piepszak said the bank is making some changes to its diversity, equity and inclusion programs and the diversity, equity and inclusion programs used to describe them to keep up with changes in markets and regulations, according to a Reuters memo.
The bank is replacing “equity” to “opportunity” and renamed its diversity, opportunity and inclusion from DEI, a memo issued earlier on Friday said.
“The “E” always means equal opportunities, not the outcome of equality, and we think this more accurately reflects the approach we are doing to attract most customers and clients to grow our business, create an inclusive workplace for our employees and increase opportunities for access.”
She said the DOI organization will continue to report to Thelma Ferguson.
Some of the diversity programs managed by the DOI Organization Center will now be integrated into different business scopes, including human resources or corporate responsibility.
“This means that certain activities, councils or chapters may be combined to simplify our process and engagement strategies,” Piepszak said.
The bank also plans to reduce training on these topics.
In a regulatory filing last month, the largest U.S. lender said it was expected to face criticism of certain business practices, including DEI. In its latest annual document, it mentions only DEI, compared to six mentions in previous years.
After President Donald Trump’s executive order cuts U.S. plans
Even before Trump took office, big companies were under pressure from conservative groups to reduce or adjust their DEI policies designed to promote racial and racial representation in the workplace.
Last month, Citigroup (C) said it would no longer require a wide variety of candidates for job interviews and said it is changing the name of “diversity, equity, inclusion and talent management” to “talent management and engagement.”
Similarly, Goldman Sachs (GS) canceled a four-year policy that specializes in public companies with at least two different board members. It also abandoned the entire section specifically for “diversity and inclusion” for annual filings.
(Reported by Nupur Anand in New York; Editor of Leslie Adler)
