Goldman Sachs, Bank of America, other Wall Street firms pulling back on DEI initiatives: report

Following the death of George Floyd in 2020, Wall Street firms rushed to institute policies and practices aimed at promoting diversity, equity, and inclusion, and increasing the number of people from underrepresented groups in positions of power. 

That trend now appears to be moving in the other direction with corporations that once championed the cause quietly doing away with DEI initiatives and reverting to a merit-based, non-discriminatory system of hiring. 

According to Bloomberg, among those who have made changes to DEI-focused initiatives are Goldman Sachs and Bank of America. The former recently allowed white students to attend its "Possibilities Summit," which had previously been limited to black students, while the latter has stopped limiting certain internal programs to just minorities. 

Their moves are symbolic of a shift in the industry; the era of a company's commitment to DEI taking precedence over its commitment to equal opportunity seems to be slowly reversing. 

Although no major firms have done away with DEI completely, many have taken various steps to reduce its importance. Some, like Goldman and Bank of America, have opened up programs to people of all races, while others have done away with certain language. 

As Bloomberg reports, Citigroup Inc previously included the term "anti-racist practices" in its regulatory filings, however in February it was dropped. JPMorgan Chase also nixed mentions of certain groups in its filings. 

Data has shown that major companies' use of the terms "DEI" and "diversity" have gone back to pre-George Floyd levels. Following a peak in 2022, the terms have been on a steady decline, save for the second quarter of 2023 when the Supreme Court issued its ruling barring racial discrimination in college admissions. 

The ruling has been credited by some as a turning point in large firms' move away from DEI, making them rethink the possible legal ramifications of preventing certain groups from certain programs and positions.