The diversity dilemma in Wall Street deepens with the appearance of Demo Jpmorgan at the “stupid” Dei expenses
Wall Street’s defense of her DEI initiatives suddenly became more complicated.
Jimmy Damon, CEO of JPMorgan Chase, a long -standing diversity defender and the use of banking resources to help minority communities, told employees last week during a municipal hall that “he was never a strong believer in training” and had questions about the money spent On some DEI programs.
“I have seen how we spend money on some of this stupid disgust, and it really angered me,” said Dienon, according to the registration of the city hall that Yahoo financed. “I am just going. I don’t like the lost money in bureaucracy.”
Bloomberg was first reported about these comments.
GJ Morgan CEO Jimmy Damon. Michelle Oler/Swimming Play via Reuters ·Reuters / Reuters
Damon was not specific about what he would not. He also said that the bank’s approach to Black, HISPANIC and LGBTQ societies will not change, and that any plans for some Dei initiatives were not linked to the election of Donald Trump as president.
What was noticeable about Damon’s new comments was his explicit about his willingness to fight external efforts to change the DEI’s DEI policies.
Bring them, Damon said about the efforts of the activist targeting Dei during Interview with CNBC last month.
Some of the largest companies in Wall Street, including JPMorgan, are increasing targets for conservative activists looking for changes to DEI policies across American companies.
Over the past year, this pressure contributed to DEI’s declines in a number of other prominent companies, including Meta (Meta), Walmart (WMT), McDonald’s (MCD), Low’s (LOW), Ford (F), Sturch (TSCO) , John Deree (de), and target (TGT).
Many of these declines were recently affected by the US Supreme Court decision regarding positive procedures in colleges and universities, which is the ruling on conservative groups to increase their efforts to eliminate various employment practices.
The goals of the diversity of companies are also exposed to intense scrutiny in Washington. The capital, Trump, signed an executive order on his first day in his post that ends the federal DEI programs and another called on US agencies to “fight the illegal private sector measures.”
“My administrations have taken measures to cancel all discriminatory diversity, shares and integration,” Trump told business leaders and politicians last month during a virtual speech to the World Economic Forum in Davos, Switzerland.
NCPPR and NLPC foot Dei’s fighting proposals To Goldman Sachs (GS) and JPMorgan, while Bank of America (BAC) and Citigroup (C) got proposals from NLPC and Heritage requesting audits how banks deal with customers with some political beliefs.
“Jpmorgan … they will end up to be a target for us,” the conservative Latin activist told Yahoo Finance recently.
A spokesman for JPMorgan said this last week that the company’s expectations on Dei are not changing, but the company “regularly review[s] And make appropriate amendments to policies and programs, including in the wake of the Supreme Court’s decision in 2023. ”
Dei “Monike means different things for different people,” but for Jpmorgan, it is about what we have done for decades – doing our best to ensure that every agent and employee has a fair opportunity and to serve societies and grow, and JPMorgan spokesman said.
Goldman, his rival at JPMorgan in New York, revealed his Dei’s change last week. I have dropped a pledge to avoid taking a public company if this company has a white male panel.
“As a result of the legal developments related to the requirements of the diversity of the Board of Directors, we have ended the policy of diversity of the official board of directors,” Tony Frato of Goldman, Global Correspondent Communications Chairman, said in a statement.
Goldman will not comment on whether he is planning to hold a company on other DEI policies published on its website, which includes the progress of diversity along the lines of sweat, sex, sexual communication within employment, guidance of employees and networks, selecting sellers, and allocating capital.
Goldman Sachs headquarters in Manhattan. (Spencer Grant/GHI/UCG/Universal Images Group via Getty Images) ·UCG via Getty Images
Goldman said that although the general subscription authorization has now been, it is still planning to present the initiative of the Board of Directors to be interested in the interested clients through the main banking services and global markets.
“We still believe that the successful councils benefit from various backgrounds and views, and we will encourage them to follow this approach.”
Conservative activist who ask Goldman’s shareholders to agree to review the DEI policies of Wall Street Giant that the decline does not go far enough.
If they came to us first and said: “Will you withdraw your suggestion if we do so,” I think we will easily say “Yes”, “Stephen Badovield, Executive Director of the National Center for Public Policy Research (NCPPR), the free establishment project, tell Yahoo Finance.
NCPPR has already won a prominent victory in Wall Street. It was from the center participating in a lawsuit that led to a ruling in December and rejected the Nasdak condition that companies determine their racist and sexual goals.
The group, which was involved with Goldman earlier this year, asked the bank to conduct an independent “racial discrimination” review of an external authority to analyze the legal risk of Goldman “and the peripheral reputation of its sweat -based initiatives.
The pledge of public subscription that gave up Goldman was among those initiatives highlighted by NCPPR. But she wants more changes.
“Now if they return to the table and ask us to withdraw the proposal, we will have to obtain an additional movement because they are already committed to doing this, and they did not speak to us.”
David Hollerith is a great correspondent for Yahoo financing that covers banking, encryption services and other areas of financing.
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