Bank of America and BlackRock have removed mentions of diversity from their annual reports as scrutiny over diversity, equity, and inclusion (DEI) policies intensifies across Wall Street.
Bank of America eliminated all eight references to “diversity and inclusion” in its 2024 report, replacing some with “opportunity” instead. The bank also rebranded its diversity and inclusion group as the “opportunity and inclusion group.” BlackRock, the world’s largest asset manager, removed four references to diversity, renaming a key section from “Diversity, Equity and Inclusion” to “Connectivity and Inclusivity.”
The shift follows mounting pressure from conservative activists challenging DEI policies in corporate America. Other financial giants, including JPMorgan Chase and Goldman Sachs, have also scaled back DEI commitments in their reports, while Citigroup recently scrapped a policy requiring diverse candidate pools for new hires.
Bank of America CEO Brian Moynihan defended the bank’s approach, stating: “We have diversity and inclusion at our company, but we’ve always been the bank of opportunity.” A company spokesperson later reiterated its commitment to fostering an inclusive workplace.
BlackRock declined to comment on the changes, though CEO Larry Fink had previously advocated for greater diversity in corporate workforces. The company also recently softened its stance on boardroom diversity in its latest proxy-voting guidance.
Momentum to reassess DEI initiatives has grown since a 2023 US Supreme Court ruling struck down race-based college admissions policies, with legal experts warning similar arguments could be applied to private sector DEI programmes. Further pressure came from an executive order signed by former President Donald Trump, directing federal agencies to combat DEI initiatives in the private sector.
The debate over DEI escalated this week after Trump urged Apple to scrap its diversity policies, following a shareholder vote rejecting a proposal to eliminate them. His comments, posted on Truth Social, branded DEI a “hoax” and called for its complete removal.
As corporate America navigates shifting political and legal landscapes, the future of DEI programmes remains uncertain, with businesses facing pressure from both advocates and opponents of workplace diversity initiatives.
