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JPMorgan Chase (JPM) has dropped almost all mentions of "diversity, equity, and inclusion" from its annual report, the latest example of how Wall Street is navigating increased scrutiny surrounding DEI programs.
The nation's largest bank removed four uses of the phrase compared with last year's report, including references to "diversity, equity & inclusion centers of excellence" that were touted as part of JPMorgan's "firm culture."
The phrase still appears in a section where the firm discloses its reputation risks.
"JPMorganChase has been and expects that it will continue to be criticized by activists, politicians and other members of the public concerning business practices or positions taken by JPMorganChase with respect to matters of public policy (such as diversity, equity and inclusion initiatives)," the company stated in the report filed Friday.
The firm still shows, as it did last year, a breakdown of its workforce by race, ethnicity, and gender. It also still has the "diversity, equity & inclusion centers of excellence" mentioned last year, according to a spokesman.
The annual report revisions come as some of the biggest companies on Wall Street, including JPMorgan and Goldman Sachs, are increasingly targets of conservative activists seeking changes to DEI policies across corporate America.
Last week, Goldman dropped a pledge to avoid taking a company public if that company had an all-white male board.
Tony Fratto, Goldman’s global head of corporate communications, said that "as a result of legal developments related to board diversity requirements, we ended our formal board diversity policy."
Goldman would not comment on whether it plans to hold firm on its other DEI policies posted on its website.
Over the past year, activist pressure has contributed to DEI retreats at a number of other high-profile companies, including Meta (META), Walmart (WMT), McDonald's (MCD), Lowe's (LOW), Ford (F), Tractor Supply (TSCO), John Deere (DE), and Target (TGT).
Many of these retreats were influenced by a recent US Supreme Court decision on affirmative action at colleges and universities, a ruling that prompted conservative groups to ramp up their efforts to eliminate diverse hiring practices.
Corporate diversity goals are also coming under intensifying scrutiny in Washington, D.C. On his first day in office, Trump signed an executive order ending federal DEI programs and another calling for US agencies to "combat illegal private sector DEI actions."