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BofA Abandons Diversity Goals in Hiring and Candidate Interviews

On Feb 25, Bank of America made changes to its diversity initiatives in response to the evolving business landscape under U.S. President Donald Trump. The second largest U.S. lender eliminated references to diversity hiring goals and the requirement for hiring managers to consider a diverse pool of candidates, as revealed in its annual filing on Tuesday, deviating from its previous policies outlined in the bank's proxy statement last year.

The alterations were prompted by shifts in laws, court rulings, and recent executive orders, according to a bank spokesperson, who emphasized the ongoing commitment to providing equal opportunities to clients, shareholders, team members, and the communities served.

In light of recent developments, various companies have adjusted their approaches to diversity and inclusion since the Trump administration assumed office, with initiatives being dialed back in both the federal government and private sector. Citigroup aims to interview a diverse range of candidates, while Goldman Sachs now considers only companies with at least two diverse board members for public listings.

Bank of America's CEO Brian Moynihan highlighted the institution's inclusive ethos, stating at a conference that it is "a bank of opportunity" with a diverse workforce representing various socioeconomic backgrounds, races, and ethnicities. He underscored that once individuals are part of the organization, opportunities for advancement are accessible.

In 2024, the bank promoted 387 employees to managing director roles, with a focus on enhancing representation for women and people of color.