Citigroup will no longer need a diverse candidate slate for job interviews, the CEO said in a memo on Thursday as Corporate America is fighting a new business environment under President Trump.
CEO Jane Fraser said the banks do not have “ambitious representation goals” except when requested by local law. We will also rename the “Diversity, Equity, Inclusion, and Human Resource Management” team to “Human Resource Management and Engagement.”
Since taking office, Trump has sought to dismantle the Diversity, Equality and Inclusion (DEI) program for the federal government and private sector. In response, several large companies are reducing their diversity commitments.
Earlier this month, Goldman Sachs cancelled its four-year-old policy of only getting public companies with at least two diverse board members.
Last week, JPMorgan Chase said it hopes to face criticism of some of the DEI practices.
Wall Street has long been tackling diversity challenges. But even before Trump took office, some large companies were already facing pressure from conservative groups.
“It's important to note that we live in an environment where things are changing rapidly,” Fraser wrote, and banks say, “best practices for having different perspectives included in employment decisions.” “It added that it encourages.”
