Wall Street’s retreat from DEI has now begun, with Goldman Sachs and JPMorgan dropping discriminatory programs

03/20/2024 / By Ava Grace

Diversity, equity and inclusion (DEI) programs by Wall Street bigwigs are now living up to their name, as these programs formerly limited to people of color and women are now open to all.

It appears that the conservative backlash against woke DEI programs has prompted executives to reassess their promises to level the playing field. Bloomberg News gave several examples of Wall Street giants backpedaling from these woke endeavors.

Goldman Sachs’ “Possibilities Summit” was originally meant for Black college students. However, it has opened up the program to include Whites.

Lawyers for the financial giant have also advised senior executives to remove references to race and gender in college recruitment programs, said people familiar with the matter. The lawyers have also warned Goldman Sachs against hosting exclusive events for specific groups such as women and minorities.

Certain internal programs that used to focus on women and minorities at Bank of America (BofA) have been broadened to include everyone. Over at JPMorgan Chase, summer fellowships for Black undergraduate sophomores are now open to all sophomore students “regardless of background.” Meanwhile, lawyers have advised executives at Bank of New York Mellon (BNY Mellon) to reconsider hard metrics for workforce diversity – if not dropping them altogether. (Related: Former ADL boss Abe Foxman calls for scrapping DEI.)

Spokespersons for BNY Mellon, JPMorgan and Goldman Sachs said the three banking giants remain committed to an inclusive workplace with people from diverse backgrounds. Meanwhile, a BofA spokesperson said the company consistently evaluates its DEI initiatives. However, they clarified that the bank “has not eliminated any bank-sponsored [DEI] sponsorship programs.”

But behind closed doors, many Wall Street firms acknowledge that the high-profile campaign against DEI threatens to set back progress already made when it comes to DEI. Billionaires such as Elon Musk and Bill Ackman have also amplified the pushback against such programs.

DEI programs on the way out

One influential Wall Street banker who spoke on the condition of anonymity said he’s observed that the sway diversity officers have when it comes to recruitment has diminished. He mentioned that his colleagues are now reverting to the way they were before the 2020 death of George Floyd and the Black Lives Matter protests that followed. Ironically, the banker said these same colleagues of his had been more open to diverse recruitment in recent years.

Two executives appeared to concur with the banker’s remarks. “People are all over the place,” said Valerie Irick Rainford, who handled DEI programs at JPMorgan before leaving in 2019. Subha Barry, who formerly headed DEI initiatives at Merrill Lynch, also remarked: “We’re past the peak.”

Wall Street’s backpedaling away from DEI followed the U.S. Supreme Court’s rejection of affirmative action at the country’s colleges. From The Walt Disney Company to Harvard University, conservatives are now pushing back against leftist indoctrination. Given this, banks have feared becoming a target of lawsuits claiming reverse discrimination.

Former White House Director of Speechwriting Steven Miller, an advisor to former President Donald Trump, is at the forefront of these anti-discrimination lawsuits. According to Bloomberg News, he is bent on eradicating biased DEI programs in business. Miller’s advocacy group America First Legal has accused dozens of companies of discriminating against White men.

Head over to Wokies.news for more stories about DEI initiatives.

Watch this video about meritless diversity hires in companies and why meritocracy is best.

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