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Wells Fargo has scrapped a key DEI hiring policy that required a diverse slate of candidates in the initial round of interviews for senior-level positions.
According to a staff memo obtained by Bloomberg News, the move aligns the bank with other financial institutions pulling back DEI commitments following criticism from Donald Trump.
The decision comes as Trump intensifies his campaign against corporate DEI programs, directing federal agencies to eliminate what he calls “illegal discrimination” in both public and private sectors.
He also urged Apple to abandon its DEI initiatives, just a day after the company’s shareholders voted to retain them.
“DEI was a hoax that has been very bad for our country,” Trump wrote, signalling continued opposition to corporate diversity initiatives.
DEI pullback spreads across Wall Street
Wells Fargo is the latest major bank to revise its DEI commitments. Earlier this week, Bank of America scrapped several diversity-related policies, while Citigroup removed its requirement for diverse candidate slates in hiring decisions.
The financial industry has long struggled with representation, and recent rollbacks risk reversing the limited progress made in recent years.
The bank had previously introduced a range of diversity initiatives in 2020, including tying executive compensation to inclusion goals.
The extent to which other DEI-related commitments will remain in place is unclear.
According to its latest regulatory filing, Wells Fargo employs 217,000 people globally, with women making up 51% of its workforce. In the US, 51% of employees identify as White, while 48% come from racially or ethnically diverse backgrounds.
Uncertain future for corporate diversity programs
Trump’s aggressive stance on DEI has put pressure on major corporations to reconsider their diversity efforts. His administration’s directives, along with increasing legal scrutiny, have led several high-profile firms to reevaluate long-standing policies aimed at improving workplace representation while there are many resisting the directives.
While supporters of DEI argue that such initiatives create more inclusive workplaces and stronger business outcomes, critics claim they impose unnecessary hiring restrictions.
With major Wall Street firms rolling back their commitments, the future of corporate diversity programs remains under threat, particularly as companies weigh regulatory risks and shifting political dynamics.
As financial institutions contemplate their DEI commitments, the question remains whether such policy shifts will affect broader workforce representation, or if they mark the beginning of a larger trend away from corporate DEI commitments.
