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The Daily Hodl 2025-02-23 20:32:01

JPMorgan Chase, Wells Fargo, Bank of America, Citigroup and Morgan Stanley Examining or Eliminating DEI Language After Trump’s Executive Order: Report

JPMorgan Chase, Wells Fargo, Bank of America, Citigroup and Morgan Stanley Examining or Eliminating DEI Language After Trump’s Executive Order: Report

Big banks are quietly scrubbing the public record of their diversity, equity and inclusion (DEI) policies following US President Donald Trump’s upheaval of the controversial practice. Citing banking executives, lawyers and other insiders familiar with the matter, The Wall Street Journal reports that JPMorgan Chase, Citigroup and Morgan Stanley are all “watering down” their language on DEI, while Wells Fargo and Bank of America are also starting to analyze their language. It marks the first time that Wall Street has pulled away from DEI since first embracing it in 2020. The banks’ pivot is in reaction to Trump’s signing of the executive order titled “Ending Radical And Wasteful Government DEI Programs And Preferencing” targeting DEI, plus his rescinding of over 80 executive orders signed by former US President Joe Biden that touch on DEI. Morgan Stanley has reportedly deactivated a page on its website promoting a scholarship and recruiting program that was advertised as being for people who are “historically underrepresented in the financial services industry.” If the link is reactivated, WSJ reports that Morgan Stanley will most likely reword it so the program is being advertised to a wider array of applicants. Certain banks have also been warned by their lawyers that keeping DEI practices in place after erasing public affirmations of them leaves them at risk for criticism or potential litigation if whistleblowers alert federal officials or activists. FOX News reported that workers and civil rights organizations have begun suing to stop Trump’s executive orders, arguing among other things, that they will negatively affect certain groups of people. White House spokesman Harrison Fields said the Trump administration was “ready to face them in court.” Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post JPMorgan Chase, Wells Fargo, Bank of America, Citigroup and Morgan Stanley Examining or Eliminating DEI Language After Trump’s Executive Order: Report appeared first on The Daily Hodl .

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