In its 2024 annual report, Swiss bank UBS has shifted its focus from promoting women and minority hires to emphasizing meritocracy, by removing specific targets for diversity goals. This move follows the trend in the U.S., where some companies are scaling back diversity, equity, and inclusion initiatives due to legal concerns raised under the previous administration.
Supporters of DEI programs argue that they are essential to addressing historical biases and discrimination, while critics believe that hiring decisions should be solely based on merit, regardless of gender or race.
Previously, UBS set goals to have 30% of top-tier roles filled by women by 2025 and increase the representation of ethnic minorities among its U.S. financial and client advisors. However, these targets and progress reports were notably absent from the latest report.
The company now emphasizes creating a diverse and inclusive work environment based on meritocracy, aiming to recruit, develop, and promote employees based on their qualifications and skills. The spokesperson highlighted UBS's commitment to diversity and meritocracy in all aspects of recruitment and promotion decisions.
Furthermore, UBS adjusted its environmental plans in light of acquiring Credit Suisse, postponing its net zero asset target to 2030 and extending the timeline for reducing net greenhouse gas emissions to 2035.