Swiss banking giant UBS has omitted references to diversity targets in its latest 2024 annual report, shifting its emphasis towards a merit-based approach to hiring and management. The bank removed previous commitments to increasing the representation of women in leadership roles and hiring employees from ethnic minority backgrounds.
This move comes as several U.S. companies scale back Diversity, Equity, and Inclusion (DEI) initiatives following opposition from President Donald Trump, who has criticised certain DEI practices and threatened investigations into firms implementing them.
Advocates argue that DEI programmes help address historical discrimination and structural biases, while critics insist that recruitment and promotions should be based solely on merit, without consideration of gender or race.
UBS, which is seeking expansion in the United States, had previously stated an ambition to have women occupy 30% of director-level and higher roles globally by 2025. It also set a goal to increase the proportion of U.S. financial and client advisors from ethnic minority backgrounds from 12.2% in 2023 to 18.8% by 2025. These targets, along with an update on last year’s progress, were absent from this year’s report.
“We are committed to being a diverse and inclusive workplace based on meritocracy,” the report, released on Monday, stated.
A UBS spokesperson reinforced this position, saying the bank prioritises hiring and retaining individuals with a broad range of skills, experiences, and backgrounds. “We will continue to recruit, develop, and promote a diverse employee base, with meritocracy at the forefront of any decision we make,” the spokesperson added.
Climate commitments also revised
UBS also adjusted its climate commitments, citing the complexities of integrating Credit Suisse, which it acquired in 2023. The bank scrapped a previous asset management target to align 20% of total assets with net-zero goals by 2030. Additionally, it has extended its deadline for reducing the group’s net greenhouse gas emissions by a decade, from 2025 to 2035.
