NEW YORK CITY (dpa-AFX) - JPMorgan Chase is revamping its diversity, equity, and inclusion initiative, replacing the term 'equity' with 'opportunity' as part of broader strategic adjustments.
In a memo to employees on Friday, Chief Operating Officer Jenn Piepszak announced that the program will now be known as Diversity, Opportunity & Inclusion, reflecting the bank's longstanding focus on equal opportunity rather than equal outcomes.
Piepszak emphasized that the change better represents JPMorgan's mission to expand access for clients, create an inclusive workplace, and foster professional growth. The DOI program will continue under the leadership of Thelma Ferguson, with several diversity initiatives now integrated into departments such as human resources and corporate responsibility.
As part of the restructuring, the bank is enhancing collaboration among executive forums, business resource groups, and DOI councils to ensure a more cohesive and efficient strategy. Some programs and councils may be consolidated to streamline operations.
Piepszak reaffirmed the company's commitment to merit-based hiring, compensation, and promotions, stressing that JPMorgan does not implement quotas or financial incentives tied to diversity metrics and does not discriminate based on political or religious beliefs.
These adjustments are part of a broader evolution of JPMorgan's diversity efforts, a process that began in 2023. The announcement follows the bank's recent update to its code of conduct, which now explicitly prohibits discrimination based on religious and political views.
The shift comes amid heightened scrutiny of corporate DEI initiatives, with companies across industries reassessing their strategies in response to regulatory pressures, including those from the Trump administration.
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