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Bank of America has scaled back elements of its diversity policies as it adjusts to a shifting regulatory environment under Donald Trump’s anti-DEI administration.
The bank, the second-largest lender in the country, has removed references to diversity hiring targets and a requirement for hiring managers to consider a diverse slate of candidates, according to an annual filing just made.
The move represents a notable shift from the firm’s previous commitments, as outlined in a proxy statement last year. A spokesperson for Bank of America said the organization continuously reviews its programs to ensure compliance with legal and regulatory changes.
“We evaluate and adjust our programs in light of new laws, court decisions and, more recently, executive orders from the new administration,” said the firm. “Our goal has been and continues to be to make opportunities available for all of our clients, shareholders, teammates and the communities we serve.”
Companies rethink DEI commitments
Bank of America is not alone in reassessing its DEI strategies. Several major financial corporations have recently scaled back diversity-focused hiring and governance policies following changes in the political landscape.
Citigroup has dropped a requirement to consider diverse candidates in hiring decisions, while Goldman Sachs has removed a policy mandating that companies must have at least two diverse board members before going public. These decisions align with broader moves by the Trump administration to roll back DEI initiatives in both the public and private sectors.
Despite the policy adjustments, Bank of America CEO Brian Moynihan reaffirmed the company’s commitment to fostering an inclusive workplace. Speaking at a conference, he emphasized the bank’s diverse workforce and the opportunities available to employees once they are hired.
“We've always been a bank of opportunity... we've got a very diverse company in terms of representation from economic strata, all races and all ethnicities,” Moynihan said. “Once they get in, the opportunity is there.”
The issue, of course, is getting in.
Senior leadership remains diverse
Although the bank has revised its hiring policies, internal promotions continue to reflect a focus on diversity. In 2024, Bank of America elevated 387 employees to managing director positions, with more than half of those promoted being women and people of color.
The adjustments to Bank of America’s DEI initiatives a part of a widespread corporate recalibration, as businesses respond to a fast changing, politically-driven regulatory landscape.
