Citigroup has become the latest major financial institution to retreat from some of its diversity initiatives.
Citigroup CEO Jane Fraser told staff in a Thursday memo that the company is walking back some of its diversity policies, including renaming its diversity, equity and inclusion (DEI) team and also getting rid of “aspirational representation goals except as required by local law.” The bank’s decision comes amid growing reports that activist groups are calling for financial institutions to abandon their DEI policies.
The bank will also “no longer require diverse slates of candidates and diverse panels of interviewers, but we will still encourage the best practice of having a variety of perspectives included in hiring decisions and continue sourcing talent from the broadest available pool,” according to the memo. Citigroup referred the Daily Caller News Foundation to the memo posted on its website when reached for comment.
“We’ve long been clear about the benefits we derive from having a workforce of varied backgrounds, experiences and perspectives because that allows us to better serve our clients and communities,” Fraser wrote in the memo. “With our global footprint, this has always been a priority for us, and we continue to aspire to have a workforce that represents all backgrounds.”
Several major American banks have been quietly backtracking on public mentions of DEI in an attempt to avoid facing litigation or probes from the federal government, The Wall Street Journal reported.
President Donald Trump has been leading a massive crackdown on DEI programs at American schools and the federal government since he assumed office for his second term. The president signed an executive order on Jan. 20 to terminate “wasteful” and “radical” DEI programs and preferencing across the federal government, stating in the order that the diversity programs were “immoral.”
Other Wall Street giants have similarly begun scaling back on their diversity policies in 2025, including Goldman Sachs.
A string of other companies have also been backtracking their DEI efforts in the past year due to growing pressure from consumers and conservative activists, including Target, Walmart, Boeing, Lowe’s and Molson Coors.
Despite this, some companies, such as e.l.f. Beauty and Costco, have continued leaning into DEI.
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