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JPMorgan Chase CEO Jamie Dimon has reaffirmed his company's commitment to diversity, equity, and inclusion (DEI) principles, reacting to other major corporations backing away from it under pressure from conservative activists.
"It's good for business; it's morally right; we're quite good at it; we're successful," Dimon stated at a recent Council of Institutional Investors conference in Brooklyn, New York.
He emphasized the importance of reaching out to diverse communities, including Black, LGBTQ, Hispanic, disabled, and veteran groups.
Dimon's stance comes in the wake of several high-profile companies, including Harley-Davidson, Ford Motor Co., and others, rolling back their DEI commitments following pressure from conservative social media influencers. This trend has been partly fueled by the Supreme Court's decision last year to curtail affirmative action in college admissions.
Despite the pushback, other Fortune 500 executives are joining Dimon in vocally supporting DEI initiatives. Cigna Group CEO David Cordani told shareholders that their DEI efforts "advance our business objectives and how we innovate and create solutions for employees or customers."
Similarly, ConocoPhillips CEO Ryan Lance expressed to investors his belief that DEI is "aligned with shareholder value and improved financial performance.”
And Mastercard's Chief Administrative Officer Tim Murphy also weighed in, stating at the company's annual meeting that they remain "committed to creating a global corporate environment where all people are treated equally and fairly and have equal access to opportunities and advancement.”
Dimon, known for his straightforward approach, addressed criticisms head-on.
"I'm not interested in other people pointing fingers," he said, referring to both conservative and liberal critiques of corporate diversity efforts. He said that being a "red-blooded, full-throated American" is not at odds with understanding the business benefits of diversity.
While some companies have adjusted their language or reduced external communications about DEI, a survey by the Association of Corporate Citizenship Professionals found that 83% of businesses report their core DEI initiatives remain unchanged. This suggests that many corporations are maintaining their commitment to diversity, even if they're communicating about it differently.
As the debate over corporate DEI programs continues, executives like Dimon are making it clear that they see diversity and inclusion as essential components of their business strategies, despite the growing scrutiny and pressure from certain political quarters.
