Wall Street banks are joining a retreat by other major companies that have changed similar programs. Photo: Michael Nagle/Bloomberg News
U.S. banks are scaling back their public support for diversity and inclusion to avoid winding up in the crosshairs of a legal landscape increasingly hostile toward it.
Morgan Stanley MS 1.54%increase; green up pointing triangle
, JPMorgan Chase JPM 0.10%increase; green up pointing triangle
and Citigroup C 3.06%increase; green up pointing triangle
are removing or watering down public language around efforts to promote or support diversity, equity and inclusion, or DEI, according to people familiar with the matter. Wells Fargo WFC 1.43%increase; green up pointing triangle
and Bank of America BAC 1.36%increase; green up pointing triangle
have also started to pore over their language, some of the people said.
