“Jpmorgan … they’re going to be our target,” the conservative Latino activist told Yahoo Finance.
Starbuck called the bank’s way of training adult employees as “embarrassing” and “slip-dic” on gender identity, accusing them of using illegal assignments to hire apprentices and analysts.
When asked specifically about Starbuck’s intentions, a JPM spokesman introduced Yahoo Finance in April 2024 with a CNBC interview with Dimon. Shareholder letterDimon stands by JPMorgan’s DEI initiative and said JPMorgan will “scrutinize” its DEI programs, words and actions to ensure that everything is in compliance with evolving laws.
The country’s largest bank is not the first large American company Starbuck has targeted.
Starbuck has accumulated nearly 770,000 followers on X, and is part of a wider cultural force recognized as helping companies motivate them, such as supplying tractors.TSCO) And Dear (of) to abandon some of their DEI’s efforts in what is now a political conflict point.
“The best place to start is to start with companies that had a largely right-wing demographic that is consumers, then slowly go into what we call “jump ball” companies. and inches. I said.
JPMorgan Chase & Co is located in Manhattan, New York City, USA on June 30, 2022. Enter New York Head Quarters. Reuters/Andrew Kelly/File Photo ・Reuters/Reuters
It is owned by companies from various industries Back pedal These policies are now exposed to an increasing number of criticism of the country’s capital, from Dei’s policies they once defended over the past year.
President Trump signed an executive order on his first day in office, ordering U.S. agencies to end the federal government’s DEI program and “fight against illegal private-sector DEI actions.”
Apart from the government’s efficiency led by Tesla CEO Elon Musk, it reported in late January that it had cancelled about $1 billion in federal contracts targeting diversity.
Later last month, the Wall Street Journal It has been reported The Trump administration has placed nearly 60 veteran workers on paid leave, where their jobs focus on diversity.
Starbuck is also not the only activist to push businesses to retreat from Day.
NCPPR and NLPC submitted Anti-DEI proposal To Goldman Sachs (GS) and JPMorgan Chase, Bank of America (bac) and Citigroup (c) We received suggestions from NLPC and Heritage to ask for an audit of how banks treat their customers with certain political beliefs.
For example, Costco (Fee) urged investors to vote against shareholder proposals from the National Center for Public Policy Studies, a conservative think tank. The measure was defeated, with 98% of investors lined up at the company.
Jamie Dimon, chairman and CEO of JPMorgan Chase, testified at a Senate Banking Committee hearing on December 6, 2023 in the Hart Senate Office building in Washington, DC (Win McNamee/Getty Images). ・Get McNamee through Getty Images
And JPMorgan is not the only large lender who has a Dei stance at the moment.
Goldman Sachs CEO in January said he will continue to focus on efforts to promote DEI and Deutsche Bank CEOs (Deutsche Bank CEO)DB) pointing out the same points and calling the DEI program a “essential” part of the company’s strategy.
“We are currently slowing down this program firmly,” Deutsche Bank CEO Christian Sewing Machine said on January 30th. “We can see how Deutsche Bank has benefited.”
On his side, Starbuck is aiming to continue fighting, pushing into constant corporate groups in various industries and sectors.
Starbuck, the DEI program he targets works against the financial interests of the company and its shareholders, and the executives of the company that promote them are in violation of the fiduciary duty to make money. He said there was.
“If you see at the end of the day, this is proof that you’re not making money, and if it’s wasting money on you, you should run away from it.”
He told Yahoo Finance that he has “a wealth of evidence” about JPMorgan’s DEI policy.
However, Dimon said in a 2024 shareholder letter that JPMorgan’s management team believes DEI policies will strengthen the general economic well-being of the business, the community and the country, as well as long-term shareholder value.
The bank’s DEI initiative has included the efforts to help Black, Hispanic, Latino and other unserved communities acquire diversity grants and loans for housing, small businesses and suppliers. It includes a $30 billion commitment over the five years completed.
Dimon said in the letter that JPMorgan plans to embed the program into a “regular operating system.”
