Last Updated on March 24, 2025 by Bertrand Clarke
In response to mounting political and regulatory pressures, JPMorgan Chase has announced a significant shift in its diversity programs, replacing “equity” with “opportunity” in its long-standing diversity, equity, and inclusion (DEI) initiative. The program will now be known as diversity, opportunity, and inclusion (DOI), reflecting what the bank says is a more accurate representation of its goals.
Jennifer Piepszak, the chief operations officer of JPMorgan, informed employees of the change through an internal memo on Friday. She explained that the term “equity” had always signified equal opportunity at the bank, rather than guaranteed outcomes. “We are renaming our DEI organization to diversity, opportunity, and inclusion because the ‘E’ always meant equal opportunity to us, not equal outcomes,” Piepszak wrote. The decision aligns with a broader trend in corporate America, where businesses are reassessing their approaches to workplace diversity amid heightened scrutiny.
The financial sector has been particularly affected by these shifts. Major institutions such as Goldman Sachs and Citigroup have already scaled back certain diversity targets, while consulting giant Accenture and entertainment powerhouse Walt Disney have also adjusted their strategies. These moves follow intensified criticism from conservative leaders, including former President Donald Trump, who has been vocal in opposing DEI initiatives since his return to the White House in January.
Piepszak emphasized that JPMorgan remains committed to fostering an inclusive workplace but is also mindful of adapting to legal, regulatory, and societal expectations. “We continuously review our programs to ensure they remain effective, aligned with our values, and in compliance with evolving regulations,” she said.
JPMorgan, the largest bank in the United States with a workforce exceeding 300,000 employees, has historically been an advocate for diversity efforts. However, the company now stresses that its focus is on reducing barriers rather than adjusting standards. “When you lower standards, nobody wins,” Piepszak added, underscoring the bank’s stance on merit-based hiring and promotions.
The corporate sector’s push for diversity took on renewed urgency following the murder of George Floyd in 2020, which ignited widespread protests and discussions on racial injustice in the U.S. In response, many companies expanded their DEI efforts to address systemic inequities in hiring, pay, and career advancement.
Yet, the backlash against these initiatives has been swift and forceful. Critics argue that DEI programs can lead to preferential treatment based on demographics rather than qualifications. Trump and other conservative leaders have frequently condemned such policies, sometimes attributing them to broader institutional failures. In one recent instance, Trump—without providing evidence—suggested that DEI policies played a role in a fatal collision between a commercial airliner and a military helicopter near Washington, D.C., in January.
As political pressure mounts, corporations are making adjustments. A recent analysis by the Financial Times found that more than 200 of America’s largest companies, including Mastercard, Salesforce, and Palantir, have quietly removed references to DEI and related terms like “diversity” from their annual reports. The shift suggests a strategic move to avoid political and legal challenges while maintaining inclusive hiring and promotion practices under less contentious branding.
JPMorgan itself has reworded sections of its latest annual report, replacing a headline previously titled “Diversity, Equity, and Inclusion” with the more neutral “Workforce Composition.” Such linguistic shifts indicate that while companies may still prioritize workplace inclusion, they are also seeking to navigate an increasingly polarized environment with greater caution.
Corporate America now finds itself at a crossroads. While many businesses remain committed to fostering inclusive work environments, they are also recalibrating their approaches to ensure compliance with legal standards and to mitigate potential political fallout. JPMorgan’s rebranding of its diversity initiatives represents just one example of how companies are striving to strike that balance.
As the conversation around workplace diversity continues to evolve, the future of corporate inclusion programs remains uncertain. Whether JPMorgan’s DOI shift will set a precedent for other companies remains to be seen, but one thing is clear: the landscape for diversity initiatives in the business world is undergoing a profound transformation.
