JPMorgan Chase CEO Jamie Dimon has cast doubt on certain diversity, equity, and inclusion (DEI) programs, telling employees he was “never a firm believer in bias training” and was frustrated with wasted spending.
“I saw how we were spending money on some of this stupid shit, and it really pissed me off,” Dimon said in a town hall, according to a recording obtained by Yahoo Finance. “I’m just going to cancel them.”
While Dimon did not specify which programs would be cut, he reaffirmed JPMorgan’s support for Black, Hispanic, and LGBTQ communities and said the changes were unrelated to Donald Trump’s election.
Wall Street’s DEI initiatives are facing increasing challenges, with major firms like Meta, Walmart, and McDonald’s scaling back DEI commitments. The Supreme Court’s ruling on affirmative action has fueled further pressure from conservative activists.
JPMorgan’s rival Goldman Sachs also dropped its IPO policy requiring board diversity, citing legal developments. However, the National Center for Public Policy Research (NCPPR) argues the move does not go far enough, calling for an independent audit of Goldman’s race-based initiatives.As DEI programs face intensifying political and legal scrutiny, Wall Street firms are reevaluating their commitments, balancing diversity goals with regulatory and activist pressures.