Citigroup has walked back its diversity, equity, and inclusion (DEI) efforts, becoming the latest financial entity to do so.
Citigroup CEO Jane Fraser released a memo to staff declaring the company’s move away from DEI, saying it is “steadfast in our commitment to maintaining a workplace where every colleague feels included because that is what allows everyone to contribute their best to Citi.”
“The recent changes in U.S. federal government policy, including new requirements that apply to all federal contractors, call for changes to some of the global strategies and programs we’ve used to attract and support colleagues from various backgrounds,” Fraser wrote. “While we will aim to be as globally consistent as possible, complying with local rules in each of the places where we do business may require some differences in approach.”
Fraser noted that the company “will no longer have aspirational representation goals except as required by local law,” and will “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 pools.”
Citigroup’s “Diversity, Equity and Inclusion and Talent Management” will instead be called “Talent Management and Engagement.”
Citigroup and other financial entities have moved away from DEI initiatives and net-zero climate policies.
Notably, DEI references were missing from JPMorgan Chase’s recent annual regulatory filing. Chase “has been and expects that it will continue to be criticized by activists, politicians and other members of the public concerning business practices or positions taken by JPMorganChase with respect to matters of public policy (such as diversity, equity and inclusion initiatives) or regarding transactions or other business or interactions between JPMorganChase and governmental or regulatory bodies,” the company said.
