The defense by Wall Street of its Dei initiatives suddenly has become much more complicated.
The CEO of JPMorgan Chase, Jamie Dimon, a long -standing defender of the diversity and the use of banking resources to help the minority communities, told employees last week during a town hall that he “did not believe Never firmly in the training of biases “and had questions about the money spent on certain Dei programs.
“I saw how we spend money for part of this stupid shit, and that really annoyed me,” said Dimon, according to a registration of the town hall obtained by Yahoo Finance. “I’m just going to cancel them. I don’t like money wasted in the bureaucracy.”
Bloomberg reported on these comments for the first time.
Jamie Dimon, CEO of JP Morgan. Michel Euler / Pool via Reuters ·Reuters / Reuters
Dimon was not precise on what he would cancel. He also said that the bank’s approach to black, Hispanic and LGBTQ communities would not change, and that all the plans for certain DEI initiatives were not linked to the election of Donald Trump as president.
What was notable in Dimon’s new comments is how frank he was of his desire to fight external efforts to change the DEI policies of JPMorgan.
“Bring them,” said Dimon about the efforts of activists targeting Dei during An interview with CNBC last month.
Some of Wall Street’s largest companies, including JPMorgan, are increasingly target of conservative activists who are looking for changes to dei policies through American companies.
During the last year, such pressure has contributed to Dei Retreats in a number of other large -scale companies, notably Meta (Meta), Walmart (WMT), McDonald’s (MCD), Lowe’s (Low), Ford ( F), Supply tractor (TSCO), John Deere (de) and Target (TGT).
Many of these pensions have been influenced by a recent decision of the United States Supreme Court on positive action in colleges and universities, a decision that prompted conservative groups to accelerate their efforts to eliminate various hiring practices.
The objectives of diversity of companies are also under the control of the intensification of Washington, DC Trump signed a decree on the first day in power which puts an end to the Federal Dei programs and another which asked the US agencies to “fight actions illegal in the private sector ofi “.
“My administration has taken measures to abolish all diversity, equity and discriminatory inclusion,” Trump told business leaders and politicians last month during a virtual speech at the World Economic Forum in Davos, in Switzerland.
NCPPR and NLPC submitted Anti-DEI proposals At Goldman Sachs (GS) and JPMorgan, while Bank of America (BAC) and Citigroup (C) have obtained proposals from NLPC and heritage asking for audits on how banks deal with customers with certain political convictions.
“JPMorgan … They will end up being a target for us,” said Latin conservative activist recently in Yahoo Finance.
A jpmorgan spokesperson said last week that the company’s prospects do not change, but that the company “examined regularly[s] And provide appropriate adjustments to policies and programs, including the day after the Supreme Court decision in 2023. “
The “nickname means means different things for different people”, but for JPMorgan, it is “a question of doing what we have done for decades – by doing our best to ensure that each customer and employee have an equitable opportunity and Whether we serve the communities and grow and grow our business, “said JPMorgan spokesperson.
The JPMorgan Crosstown Rival in New York, Goldman, revealed its own Dei change last week. He abandoned a commitment to avoid making a public company if this company had a fully white male advice.
Tony Fratto de Goldman, global manager of corporate communications, said in a statement that “as a result of legal developments linked to the diversity requirements of the Council, we have ended our official diversity policy of the Board of Directors” .
Goldman would not comment if it plans to keep firm on its other policies Dei published on its website, in particular the diversity of diversity, sex, sex and the lines of sexual orientation in hiring, mentorship of employees and Networks, selection of sellers and capital allowance.
Headquarters of Goldman Sachs in Manhattan. (Spencer Grant / GHI / UCG / Universal image group via Getty Images) ·UCG via getty images
Goldman said that even if his IPO has now disappeared, he still plans to offer his diversity initiative for the board of directors to customers interested through his main banking and markets.
“We continue to believe that successful advice benefit from various horizons and perspectives, and we will encourage them to adopt this approach,” said Fratto.
The conservative activist asking Goldman’s shareholders to approve an audit of the dei policies of the Wall Street giant said that retirement was not far away.
“If they had come to us first and said,” Want to withdraw your proposal if we were doing this “Free Enterprise Project, told Yahoo Finance.
The NCPPR has already won a victory for Wall Street. It was a co-plaign in a trial which led to a decision of December which rejected the requirement of the NASDAQ that the companies of its exchange set racial and gender objectives.
The group, which is committed to Goldman earlier this year, asks the bank to lead an independent “racial discrimination” audit analyzing the “legal and reputation risks of Goldman from its initiatives based on race”.
The guarantee of Introduction on the stock market abandoned by Goldman was one of these initiatives highlighted by the NCPPR. But he wants more changes.
Now, if they come back to the table and ask us to withdraw the proposal, we will have to have additional movements because they have already committed to doing so, and they have not told us about, “added Padfield.
David Hollerith is a main Yahoo Finance journalist covering the bank, crypto and other areas in finance.
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