Bank of America Corp. is rolling back workplace representation targets and replacing references to diversity, joining peers in citing legal changes under the Trump administration.
The bank will no longer have “aspirational” goals for diversity and inclusion, which were referenced in previous regulatory filings, according to a person familiar with the matter. On Tuesday, an annual report by the bank added new language about creating an “inclusive environment” and switched out numerous references to the word “diversity,” replacing them with “talent” and “opportunity.”
“We evaluate and adjust our programs in light of new laws, court decisions and, more recently, executive orders from the new administration,” a representative for Bank of America said in an emailed statement. “Our goal has been and continues to be to make opportunities available for all of our clients, shareholders, teammates and the communities we serve.”
The change mirrors other Wall Street firms that have recently cut back on diversity initiatives in the wake of political and legal pressures. Last week, Citigroup Inc. said it will no longer have “aspirational representation goals” except as required by local law, and will abandon a policy for diversity in candidates and interview panels.
Like Citigroup, Bank of America does work with the US government. Donald Trump’s executive order bans diversity efforts at federal contractors in banking and other industries.
The Charlotte, North Carolina-based lender is also in the process of changing the name of an internal human resources group to “opportunity and inclusion” from “diversity and inclusion,” the person said. The bank will additionally drop a practice of using “diverse slates” in reviewing candidates and in interview panels, according to the person.
Earlier on Tuesday, Bank of America Chief Executive Officer Brian Moynihan highlighted what he referred to as inclusion at the company.
“We have always been a bank of opportunity,” Moynihan said at the Economic Club of Washington, DC. The firm hires from different schools and areas, including low- and moderate-income neighborhoods through targeted programs, he said. “We have a diverse team, we stress inclusion. So when you’re at our company, you can be who you want to be, and be successful,” Moynihan said.
The company also has employee-resource groups, with roughly 60% of workers participating in them in some form, according to Moynihan. “They are open to all,” he said.