The largest US bank will now call the initiative Diversity, Opportunity & Inclusion, or DOI, Chief Operating Officer Jenn Piepzak said in a memo to staff Friday, “because the ‘e’ always meant equal opportunity to us, not equal outcomes, and we believe this more accurately reflects our ongoing approach to reach the most customers and clients to grow our business.”
Since taking office in January, Trump has signed an array of executive orders that aim to remove DEI from the government, federal contractors and beyond, spurring agencies and corporations to erase mentions of such programs from websites and eliminate their DEI teams.
“We’ve always been committed to hiring, compensation and promotion that are merit-based; we do not have illegal quotas or pay incentives, and we would never turn someone away because of their political or religious beliefs, or because of who they are,” Piepzak said in the memo. “We’re not perfect, but we take pride in constantly challenging ourselves and raising the bar.”
The New York-based bank said that its employee groups will continue to focus on engagement, cultural celebrations, education and historical observances.
The memo was reported earlier Friday by Reuters.