The 2020 murder of George Floyd ignited a racial justice movement that extended from grassroots activism to corporate boardrooms. Companies launched initiatives to ensure their workforces were more inclusive of underrepresented communities in a modern revamp of diversity, equity, and inclusion (DEI) initiatives. Many pledged to invest billions of dollars to promote racial equity and gender equality.
But within five years, the tides turned on DEI campaigns when the 2023 Supreme Court ruling against affirmative action programs dampened DEI efforts. And on the second day of his second term, President Donald Trump rang in an “anti-woke” agenda through an executive order that overturned Biden-era federal DEI initiatives, and which rippled throughout the corporate world.
Now, former Goldman Sachs CEO Lloyd Blankfein is calling out previous DEI efforts, including those implemented at Goldman, saying the company’s DEI efforts are self-defeating. In a recent interview with CBS Sunday Morning outlining his new book, Streetwise: Getting to and Through Goldman Sachs, the billionaire explains why he views DEI initiatives as futile.
“Special programs we ran for minorities at the firm were often counterproductive,” Blankfein said. “That may be a provocation to other people. But I think if you brand something a remedial program, you’re kind of also branding the people who go into that program.” Before 2025, the financial firm maintained diversity criteria for its board and implemented inclusive language on its webpage that highlighted a commitment to hiring from marginalized groups.
Many Fortune 500 companies have scaled back their DEI programs over the past year. Trump’s attacks on the programs have spurred changes across corporate America. Target began phasing out diversity, equity, and inclusion initiatives last January, inspiring civil rights activists to launch a national boycott against the retail giant. Walmart, Pepsi, and a number of other prominent companies have also scaled back DEI efforts.
The shifting corporate DEI landscape
Modern DEI programs trace their origins to the U.S. Civil Rights Act of 1964, which led to affirmative action policy implementation, which was designed to address the historical underrepresentation of certain groups. Over time, that inclusivity expanded beyond racial equity to include gender, ethnic, religious, and LGBTQ communities. Proponents of DEI say the initiatives help to dismantle the systemic barriers that have historically excluded marginalized groups and argue those barriers remain in place today.
Goldman Sachs was one of the many companies in 2025 to roll back their DEI initiatives. The company halted a diversity requirement for companies it takes public, which required companies to have two diverse board members. It also dropped language highlighting “racial equity” and “gender equality” from its “diversity and inclusion” page on its website. And in a filing from February of last year, the bank noted its previously set five-year “aspirational and representation goals” were set to expire in 2025. The company also reportedly scrapped DEI criteria for its board in February.
“This is a reflection of the changing legal environment and adapting to the reality of those legal shifts,” a Goldman Sachs spokesperson told Fortune. “We strongly believe we benefit from diverse perspectives and experiences and are committed to running programs that are designed to attract the best talent and are compliant with the law.”
While some companies have scrapped or drastically scaled back DEI initiatives, many have actually doubled down. Apple has stayed the course on its inclusion and diversity efforts, maintaining a “racial equity and justice” page on its website.
“An equitable world is a better world,” the page reads. “So we’re continuing to expand opportunities for Black, Hispanic/Latinx, and Indigenous communities.” Costco also doubled down on diversity, with more than 98% of shareholders last year voting against an anti-DEI resolution pushed by conservative activists, attracting support from civil rights leaders and progressive customers. Delta and Cisco have also kept with their DEI programs. Delta says it hires based on skills and has removed degree requirements for most jobs. And Cisco has developed diverse hiring panels to bolster recruitment from marginalized communities.
Blankfein conceded there are other ways to approach diversity and inclusion. “The programs that you do to advance the careers, the education for everybody, do those very well,” he said. “That’ll disproportionately help the people who need it the most, which might include the people that would’ve otherwise been in those DEI programs.”
