JPMORGAN drops ‘Equity’ from Dei

Wall Street Titan Jpmorgan Chase changes his Diversity, equality and inclusion (dei) The program as part of current reforms has made the bank to keep up with the market and current laws, it is stated in the Memorandum seen by Fox Business.

JPMORGAN CHAGE CEO of Jenn Piepszak told employees on Friday, the bank replaces the word “capital” with “opportunities”. The program will now be called diversity, opportunities and inclusion (Doi), and will continue to be reported by Thelmi Ferguson.

“E” has always meant the same opportunity for us, not the same outcomes, and we believe that this is more precisely reflecting our permanent approach to achieve most customers and clients to develop our business, create an inclusive job for our employees and increase access to opportunities, “Piebszak said in a letter.

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The Bank has already simplified the programs of diversity to which the Doi organization has been centrally operated, which means that some programs are integrated into different tasks, including human resources or corporate responsibility, according to Piepszak.

JPMORGAN also said that it increases the connection between councils, executive forums, a group of business resources and Doi organization “to ensure consistent principles of work and maximum influence.” This means that “activities, councils or chapters can consolidate” to simplify his procedure, Piepszak added.

The company also plans to reduce the amount of training on such topics.

Piepszak said the company had always been dedicated to Employment, compensation and promotion which is based on merit.

“We work to reduce obstacles, not standards, because we know that when you reduce standards, no one wins,” Piepszak said. “We do not have illegal quotas or pay incentives and we would never distract someone for their political or religious beliefs or for what they are.”

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The company did not define changes as a “corrective action”, but as part of its organic evolution. He noted that he was changing his diversity programs since 2023.

Memo followed only a few weeks after the bank agreed to update its behavior code to protect itself from religious and political discrimination. The Diversity and Inclusion of their Code of Behavior clearly forbids the discrimination of “religious views” and includes a language that forbids discrimination Customers for their “political opinions”.

An increasing number of companies – from banks to merchants – has given similar announcements as well as increasing the pressure on the main corporations to increase at initiatives that state increase racial and gender equality in the workplace. Initiatives also faced a fierce criticism of the President Donald Trump, which signed an executive order in January by directing the Government Agency for Research on the Dei Program in Public Trade Corporations, large non -profit corporations or associations and foundations with property of at least $ 500 million.

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Last month, Citigroup said he would no longer demand a variety of candidates for job interviews and said he was changing the name “diversity, equality and involvement and team management teams” in “talents management and engagement”.

Similarly, Goldman Sachs canceled a four -year policy of exclusively taking public companies with at least two diverse members of the Committee. He also gave up the entire section dedicated to “diversity and involvement” from his annual application.

Fox Business’ David Spector and Reuters contributed to this report.