Morgan Stanley Shifts Gears on Diversity Amid Trump-Era Changes

Morgan Stanley has reduced its focus on diversity in its latest annual report, reflecting a broader move among corporations adjusting to policy changes under President Trump's administration, which seeks to dismantle DEI programs. The bank's past statement on the importance of diversity was omitted.

Morgan Stanley has recalibrated its diversity strategy in its latest annual report, reflecting a trend among major corporations adjusting to the political shifts under President Trump. The report notably excludes Morgan Stanley's previous assertion that diversity is crucial to its success.

This change follows moves by several leading companies to soften their diversity commitments amid the current administration's efforts to roll back DEI initiatives. Citigroup, for instance, dropped its requirement for diverse job candidate slates, and Goldman Sachs ended its policy on board diversity.

Wall Street's diversity challenge is longstanding. Although Morgan Stanley faced criticism for an all-white, all-male leadership slate, it highlights its commitment to inclusivity, pointing out that 40% of its global workforce are women, and in the U.S., ethnically diverse individuals make up 35% of its workforce.

(With inputs from agencies.)