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Citigroup is reducing its diversity policy, the latest US company to retreat from its target to promote a more inclusive workforce.
Donald Trump’s return to the White House has led businesses to abandon the goals they introduced just a few years ago, increasing their backlash against diversity, equity and inclusion goals.
In a memo to staff on Thursday, CEO Jane Fraser said that banks no longer have ambitious representative goals unless they are required by local law, and that “a diverse slate of candidates.” and a panel of interviewers is required.
Citi set diversity goals for the Vice President’s assistant in 2022 to become at least 43.5% women, 11.5% black and 16% Latino.
As part of the change, Citi has renamed its “Diversity, Equity, Inclusion and Human Resource Management” team to “Human Resource Management and Engagement.”
Fraser said the change followed “development related to diversity initiatives of all US institutions.”
“It’s important to note that we live in an environment where things are changing rapidly,” she writes. “We’ll determine if additional updates will be required in other areas in the coming weeks.”
The change from City comes just two months after Erika Irish Brown, the bank’s global talent head.
With around 230,000 employees worldwide, City has joined the list of giants from companies like Accenture and Walt Disney when scaling its diversity initiative following Trump’s election victory in November.
Wall Street rival Goldman Sachs waives its pledge to bring public companies only with a certain number of diverse board members, despite the bank maintaining its internal diversity goals. I did.
The DEI program has been in Corporate America for decades, but the initiative gained momentum in 2020 following the murder of George Floyd.
Critics argue that these programs prioritized demographic factors over the merits of awarding jobs.
