JPMorgan Chase & Co. is changing the name of its diversity, equity and inclusion program at a time when DEI has been attacked by President Donald Trump’s administration.
The largest US bank will now call the initiative Diversity, Opportunity & Inclusion, or DOI, Chief Operating Officer Jenn Piepzak said in a memo to staff Friday, “because the ‘e’ always meant equal opportunity to us, not equal outcomes, and we believe this more accurately reflects our ongoing approach to reach the most customers and clients to grow our business.”
Since taking office in January, Trump has signed an array of executive orders that aim to remove DEI from the government, federal contractors and beyond, spurring agencies and corporations to erase mentions of such programs from websites and eliminate their DEI teams.
“We’ve always been committed to hiring, compensation and promotion that are merit-based; we do not have illegal quotas or pay incentives, and we would never turn someone away because of their political or religious beliefs, or because of who they are,” Piepzak said in the memo. “We’re not perfect, but we take pride in constantly challenging ourselves and raising the bar.”
The New York-based bank said that its employee groups will continue to focus on engagement, cultural celebrations, education and historical observances. JPMorgan plans to “reduce trainings while maintaining a focus on high quality offerings,” according to the memo.
The memo was reported earlier Friday by Reuters.
The GWG L bond debacle has been unwinding for several years.
A new Senate report finds most workers and employers are missing out on child care tax relief despite surging costs of parenthood.
Plus, New York-based Maridea snaps up a women-led practice to debut in the Sunshine State, while Halbert Hargrove in California hails an AUM milestone alongside an aging-care fintech partnership.
AI costs were invisible when everything ran on a flat subscription. They're not invisible anymore. Here's what tokens actually are, what your common advisory tasks consume, and how to model the real cost before it surprises you mid-year.
Which tool fits which job for a fiduciary advisor managing real client relationships.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
