Another major bank defends a work policy Trump aims to erase

One of the largest banks in the world has taken an unpopular stance on a controversial workplace policy that has been put on the chopping block in corporate America.

Last year, major retailers such as Lowe’s, Walmart, Harley-Davidson and Tractor Supply, slashed diversity, equity, and inclusion initiatives from their workplaces amid consumer pressure and legal concerns surrounding the policies.

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Earlier this month, Amazon, Meta and McDonald’s also scaled back DEI programs.

Related: Goldman Sachs defends a work policy shareholders fear

President Donald Trump also issued an executive order on Jan. 21, the day after he took office, aiming to dismantle the federal government’s DEI programs. In the executive order, he claimed that the programs enforce “illegal and immoral discrimination.” He later ordered all federal DEI employees to be put on paid leave.

While DEI continues to get the boot across the country, some companies have opted to go in a different direction and defend their DEI policies. Costco shareholders, most notably, voted against a proposal that aimed to completely axe the company’s DEI program due to concerns that it poses “litigation, reputational and financial risks” to the company.

Another large bank strictly defends its DEI program

Several major banks, such as JP Morgan Chase, Goldman Sachs, Bank of America and Citigroup, have also been targeted by activist investors to cut their DEI policies. However, a few have also opted to defend DEI.

Deutsche Bank (DB) just joined that growing list as its CEO, Christian Sewing, fiercely defended the company’s DEI program during a recent press conference in Frankfurt, according to a new report from Bloomberg.

“We are now firmly behind this program,” said Sewing while speaking to reporters. “We can see how Deutsche Bank has benefited from it.”

Currently, Deutsche Bank’s DEI initiatives include holding senior leaders accountable for advancing women into senior positions at the company, as well as advancing under-represented groups and advocating for the LGBTQ+ community, according to the company’s website.

Related: Costco investors tank controversial proposal amid boycott calls

Deutsche Bank also participates in the Human Rights Campaign’s annual Corporate Equality Index, which tracks LGBTQ+ corporate policies and practices. The bank has also cut ties with suppliers where discrimination has occurred.

“Quite honestly, I know what diversity has brought us on the management board at the top reporting level,” said Sewing during the press conference. “That’s why we are strong supporters of these programs.”

Sewing also stated that if the legal environment around DEI changes, then the bank will reevaluate its stance, however, DEI is still an “integral part” of the company’s strategy.

Wall Street giants are standing firm on DEI

Deutsche Bank’s strict defense of its DEI program comes after Goldman Sachs took a similar stance last week.

In a statement to the Wall Street Journal, Goldman Sachs said that its company can benefit from diversity in the workplace and will remain committed to its DEI policies and programs in compliance with the law.

More Labor:

• Goldman Sachs defends a work policy shareholders fear
• Amazon’s new return-to-office mandate is starting to backfire
• Walmart shareholders fire back at controversial policy change

JP Morgan Chase CEO Jamie Dimon also stated in an interview with CNBC at the World Economic Forum last week that he is proud of the company’s recent DEI initiatives despite recent efforts from activists to eradicate it from workplaces across the nation.

“We are going to continue to reach out to the Black community, Hispanic community, the LGBT community, the veterans community, we have a special program, a disabled second chance initiative,” said Dimon. “And wherever I go, red states, blue states, green states, mayors, governors and they said they like what we do.”

Related: Veteran fund manager issues dire S&P 500 warning for 2025

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