Wall Street Banks Distance Themselves from DEI Amid Trump's Executive Order

Five major U.S. banks, including JPMorgan Chase, Wells Fargo, Bank of America, Citigroup, and Morgan Stanley, are reportedly reviewing or removing language related to diversity, equity, and inclusion (DEI) from their public records. This move comes in response to U.S. President Donald Trump's executive order targeting DEI programs and his rescinding of over 80 executive orders signed by former President Joe Biden that touch on DEI.

According to banking executives, lawyers, and insiders familiar with the matter, these banks are "watering down" their language on DEI or analyzing their language to align with the Trump administration's stance. This marks the first time Wall Street has distanced itself from DEI since initially embracing it in 2020.

Morgan Stanley has reportedly deactivated a webpage promoting a scholarship and recruiting program that was previously advertised as being for people who are "historically underrepresented in the financial services industry." If the link is reactivated, it is expected that Morgan Stanley will reword it to appeal to a wider range of applicants.

Lawyers have warned certain banks that maintaining DEI practices while removing public affirmations of them leaves them at risk for criticism or potential litigation if whistleblowers alert federal officials or activists. Workers and civil rights organizations have begun suing to stop Trump's executive orders, arguing that they will negatively affect certain groups of people. The White House has stated that it is "ready to face them in court."