When JPMorgan’s Dimon rings at the cost of “silly” Dei, the Wall Street diversity dilemma deepens
Defences against Wall Street’s DEI initiative suddenly became even more complicated.
JPMorgan Chase CEO Jamie Dimon is a longtime advocate using diversity and banking resources to support minority communities, and last week he told employees at the town hall that he “doesn’t believe in bias training” He spoke and asked about the money spent on identifying. DEI program.
“It really made me mad to see us spending money on some of this stupid shit,” Dimon said. “I’m just going to cancel them. I don’t like the wasted money in the bureaucracy.”
Bloomberg was the first to report on these comments.
Jamie Dimon, CEO of JP Morgan. Michelle Euler/Pool via Reuters ・Reuters/Reuters
Dimon was not specific about what he would cancel. He also said the bank’s approach to black, Hispanic and LGBTQ communities remains unchanged, with plans for a particular DEI initiative being unrelated to Donald Trump’s presidential election.
What was noteworthy about Dimon’s new comment is how open he was about his willingness to fight against external efforts to change JPMorgan’s DEI policy.
“Take them,” Dimon said of the activists’ efforts to target Day. Interview with CNBC last month.
Some of Wall Street’s biggest companies, including JP Morgan, are increasingly targeting conservative activists seeking changes to DEI policies across the United States.
Over the past year, such pressure has contributed to DEI retreats at many other well-known companies, including Meta (Meta), Walmart (WMT), McDonald’s (MCD), Lowes (low), Ford (f), tractor supply (TSCO), John Deere (of), and the target (TGT).
Many of these setbacks were influenced by recent US Supreme Court decisions at universities. This is a ruling that urged conservative groups to step up their efforts to eliminate diverse employment practices.
The goal of corporate diversity is being strengthened in Washington, DC Trump signed an executive order on his first day to end the federal DEI program.
“My administration has taken action to abolish all discriminatory diversity, equity and inclusion nonsense,” Trump said in a virtual speech to the World Economic Forum in Davos, Switzerland, with business leaders. I told the politicians.
NCPPR and NLPC submitted Anti-DEI proposal To Goldman SachsGS) and JPMorgan, 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.
A JPMorgan spokesman said last week that the company’s outlook on DEI remains the same, but the company will “regularly review and appropriately adjust its policies and programs, including the aftermath of the 2023 Supreme Court decision.” .
Day: “Monica means different for different people,” but for JPMorgan, “it’s about doing what we’ve been doing for decades. All our customers and employees have a fair opportunity, and I am. We do our best to ensure that we serve and grow our community. Our company,” said a JP Morgan spokesman.
JP Morgan’s Crosstown New York rival Goldman revealed his own Day change last week. I pledged to not publicize the company if the company had an all-white male board.
Goldman’s Head of Global Corporate Communications said in a statement that “there is the end of the formal board diversity policy as a result of legal developments related to the board’s diversity requirements.”
Goldman has posted other posts on its website, including increasing diversity along the lines of race, gender and sexual orientation within its capital allocation, including employment, employee guidance and networking, vendor selection, and more. We will not comment on whether we plan to secure a DEI policy.
Goldman Sachs Headquarters in Manhattan. (Spencer Grant/GHI/UCG/Universal Images Group via Getty Images) ・UCG via Getty Images
Goldman said that despite the IPO mandate now disappearing, he plans to offer the board’s diversity initiative to interested clients through its major global banking and market divisions.
“We continue to believe that successful boards will benefit from a diverse background and perspective, and we encourage you to take this approach,” Flat said.
The conservative activist said he is asking Goldman shareholders to approve an audit of the Wall Street giant’s Day policy.
“Were they first coming to us and saying, ‘If you do this, will you withdraw the proposal?’ I think we said “yes” fairly easily,” Free Enterprise Project told Yahoo Finance.
The NCPPR has already notched one prominent Wall Street victory. This was the co-plaintiff in a lawsuit that ruled in December that the exchange firm rejected the NASDAQ requirement that race and gender goals.
The group, which collaborated with Goldman earlier this year, told the bank to conduct an independent third-party “racism” audit that analyses Goldman’s “legal and reputational risks resulting from racial-based initiatives.” I’m looking for it.
The IPO pledge abandoned by Goldman was one of the initiatives highlighted by the NCPPR. But it wants more changes.
Well, if they ask them to go back to the table and withdraw their proposal, they already promised to do this and they didn’t talk to us, so they have to make an additional move. It’s probably,” Padfield added.
David Hollerith is a senior reporter on Yahoo Finance, covering banking, crypto and other areas of finance.
