JPMorgan Chase Chief Operating Officer Jenn Piepszak announced that the bank is making changes to its Diversity, Equity, and Inclusion programs and the terminology associated with them to align with market trends and evolving regulations. According to a memo, the bank is replacing "equity" with "opportunity," rebranding the initiative as Diversity, Opportunity, and Inclusion (DOI).
The memo emphasizes that “equity” has always signified equal opportunity rather than equal outcomes, a shift Piepszak believes better reflects the bank’s commitment to reaching a broader customer base, fostering an inclusive workplace, and enhancing access to opportunities.
The DOI organization will continue to report to Thelma Ferguson, with some diversity programs managed centrally by DOI being integrated into various business units, including human resources and corporate responsibility. This integration may lead to the consolidation of certain activities, councils, or chapters to streamline processes and improve engagement.
Additionally, the bank intends to reduce training on these topics.
In a regulatory filing last month, JPMorgan acknowledged that it anticipated criticism concerning certain business practices, including those related to DEI. The latest annual filing included just one mention of DEI, a decline from six references in prior years.
Many major U.S. and some European companies have reevaluated similar programs following increased scrutiny and pressure, particularly after actions taken during the Trump administration aimed at curtailing DEI initiatives.
Before Trump’s presidency, corporations were already facing mounting pressure from conservative groups to revise policies designed to enhance racial and ethnic representation.
Last month, Citigroup announced it would present a diverse range of candidates for job interviews and renamed its “Diversity, Equity and Inclusion and Talent Management” team to “Talent Management and Engagement.” Similarly, Goldman Sachs discontinued a four-year-old policy requiring public companies to have at least two diverse board members and removed a section on "diversity and inclusion" from its materials.