JPMorgan rebrands diversity program
Wall Street titan JPMorgan Chase is making changes to its diversity, equity and inclusion (DEI) program as part of ongoing reforms the bank has been making to keep up with the market and current laws, according to a memo seen by FOX Business.
JPMorgan Chase Chief Operating Officer Jenn Piepszak told employees in the Friday memo that the bank is replacing the word "equity" with "opportunity." The program will now be referred to as diversity, opportunity and inclusion (DOI), and will continue to report to Thelma Ferguson.
"The ‘e’ always meant equal opportunity to us, not equal outcomes, and we believe this more accurately reflects our ongoing approach to reach the most customers and clients to grow our business, create an inclusive workplace for our employees and increase access to opportunities," Piepszak said in the memo.
The bank has already streamlined diversity programs that were managed centrally by the DOI organization, meaning that some programs have been integrated into different lines of business, including human resources or corporate responsibility, according to Piepszak.
JPMorgan also said it was increasing connectivity between councils, executive forums, business resource groups and the DOI organization "to ensure consistent operating principles and maximum impact." This means that "activities, councils or chapters may be consolidated" to streamline its process, Piepszak added.
The company plans to also reduce the volume of trainings on such topics.
Piepszak said the company has always been committed to hiring, compensation and promotion that are merit-based.
"We work to reduce barriers, not standards, because we know that when you reduce standards, nobody wins," Piepszak said. "We do not have illegal quotas or pay incentives, and we would never turn someone away because of their political or religious beliefs, or because of who they are."
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The firm did not define the changes as a "corrective action," but rather as part of its organic evolution. It noted that it has been making changes to its diversity programs since 2023.
The memo came just weeks after the bank agreed to update their code of conduct to protect against religious and political discrimination. The Diversity & Inclusion section of their code of conduct clearly prohibits discrimination against "religious views," and includes language prohibiting discrimination against customers for their "political opinions."
A growing number of companies – from banks to retailers – have made similar announcements as pressure mounts on major corporations to scale back on initiatives that purport to increase racial and gender equality in the workplace. The initiatives have also faced fierce criticism from President Donald Trump, who signed an executive order in January directing government agencies to investigate DEI programs at publicly traded corporations, large nonprofit corporations or associations and foundations with assets of at least $500 million.
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Last month, Citigroup said it will no longer require a diverse slate of candidates for job interviews and said it was changing the name of the "Diversity, Equity and Inclusion and Talent Management" team to "Talent Management and Engagement."
Similarly, Goldman Sachs canceled a four-year-old policy of exclusively taking public companies with at least two diverse board members. It also dropped an entire section dedicated to "diversity and inclusion" from its annual filing.
FOX Business' David Spector and Reuters contributed to this report.