Bank of America Rethinks Diversity Initiatives Amid New Business Climate

Bank of America has revised its diversity initiatives due to changing business conditions under President Trump. The changes include removing diversity hiring goals, following similar modifications by other companies amidst new governmental regulations. Despite this, the bank emphasizes its commitment to diversity and opportunity for all.

In a strategic shift reflecting the current business environment under President Donald Trump, Bank of America has altered its diversity initiatives. The company has removed specific diversity hiring goals and no longer mandates hiring managers to consider a diverse candidate pool, as per an annual filing.

This move mirrors changes made by other businesses aiming to adapt to the new administration's approach to diversity, equity, and inclusion (DEI) in the workplace. Citigroup and Goldman Sachs have also revised their diversity-related hiring practices following recent executive orders.

Despite these changes, Bank of America CEO Brian Moynihan highlighted the bank's longstanding commitment to diversity, citing significant promotions of women and people of color to managing director roles in 2024 as evidence of ongoing diversity efforts within the organization.

(With inputs from agencies.)