JPMorgan removes nearly all DEI references from its annual report
The nation's largest bank removed four uses of the phrase when compared with last year's report, including references to "diversity, equity & inclusion centers of excellence" that were touted as part of JPMorgan's "firm culture."
Where the phrase still appears is in a section where the firm discloses its reputation risks.
"JPMorganChase has been and expects that it will continue to be criticized by activists, politicians and other members of the public concerning business practices or positions taken by JPMorganChase with respect to matters of public policy (such as diversity, equity and inclusion initiatives)," the company stated in the report filed Friday.
The firm still shows, as it did last year, a breakdown of its workforce by race, ethnicity and gender. Its also still has the "diversity, equity & inclusion centers of excellence" mentioned last year, according to a spokesman.
The annual report revisions come as some of the biggest companies on Wall Street, including JPMorgan and Goldman Sachs, are increasingly targets of conservative activists seeking changes to DEI policies across corporate America.
Last week Goldman dropped a pledge to avoid taking a company public if that company had an all-white male board.
Tony Fratto, Goldman's global head of corporate communications, said that "as a result of legal developments related to board diversity requirements, we ended our formal board diversity policy."
Goldman would not comment on whether it plans to hold firm on its other DEI policies posted on its website.
Over the past year, activist pressure has contributed to DEI retreats at a number of other high-profile companies, including Meta (META), Walmart (WMT), McDonald's (MCD), Lowe's (LOW), Ford (F), Tractor Supply (TSCO), John Deere (DE), and Target (TGT).
Many of these retreats were influenced by a recent US Supreme Court decision on affirmative action at colleges and universities, a ruling that prompted conservative groups to ramp up their efforts to eliminate diverse hiring practices.
Corporate diversity goals are also coming under intensifying scrutiny in Washington, D.C. Trump signed an executive order on his first day in office that ends federal DEI programs and another that called for US agencies to "combat illegal private sector DEI actions."
Recent comments from JPMorgan's boss, Jamie Dimon, highlight the complications of this issue for big companies.
He told staff in a private town hall meeting in Columbus, Ohio that the bank had questions about money being spent on some of its DEI programs, and planned to cut back on some of those initiatives as a wider efficiency push.
"I saw how we were spending money on some of this stupid shit, and it really pissed me off," Dimon said, according to a recording of the town hall reported by Bloomberg. "I'm just going to cancel them. I don't like wasted money in bureaucracy."
The comments were notable given that Dimon has been publicly outspoken about his willingness to fight outside efforts to change the company's DEI efforts.
"Bring them on," Dimon said about activist efforts targeting DEI during an interview with CNBC last month.
Dimon was not specific about what he would cancel. He also said the bank's approach to Black, Hispanic, and LGBTQ communities would not change, and that any plans for certain DEI initiatives were unrelated to Donald Trump's election as president.
David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance.
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