Morgan Stanley recently revised its annual report, placing less emphasis on diversity in light of adapting to changing circumstances under President Donald Trump's administration.
The report removed the bank's prior statement highlighting the significance of having "a diverse and inclusive workforce."
The new report now emphasizes that "meritocracy is central to Morgan Stanley's talent development" and stresses the importance of having "a workforce that mirrors the communities where we operate and the global clients we serve" for the bank's continued success.
Amid Trump's efforts to scale back diversity initiatives, other major corporations, like Citigroup and Goldman Sachs, have also adjusted their diversity commitments.
Addressing the long-standing diversity challenge on Wall Street, Morgan Stanley previously faced criticism for only considering white male candidates to succeed former CEO James Gorman.
Although the bank has made progress with women holding key positions, such as Chief Financial Officer Sharon Yeshaya, around 40% of its global workforce and 29% of its officers are women, according to an employee survey.
In terms of ethnicity, around 35% of the U.S. workforce and 28% of officers at Morgan Stanley are from diverse backgrounds.
The bank stated in the report its commitment to fostering a diverse and inclusive environment but declined to provide further comments.