JPMorgan drops ‘equity’ from DEI program

Wall Street titan JPMorgan Chase is making changes to its diversity, equity and inclusion (DEI) program as part of ongoing reforms the bank has been making to keep up with the market and current laws, according to a memo seen by FOX Business.

JPMorgan Chase Chief Operating Officer Jenn Piepszak told employees in the Friday memo that the bank is replacing the word “equity” with “opportunity.” The program will now be referred to as diversity, opportunity and inclusion (DOI), and will continue to report to Thelma Ferguson.

“The ‘e’ always meant equal opportunity to us, not equal outcomes, and we believe this more accurately reflects our ongoing approach to reach the most customers and clients to grow our business, create an inclusive workplace for our employees and increase access to opportunities,” Piepszak said in the memo. 

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The bank has already streamlined diversity programs that were managed centrally by the DOI organization, meaning that some programs have been integrated into different lines of business, including human resources or corporate responsibility, according to Piepszak. 

JPMorgan also said it was increasing connectivity between councils, executive forums, business resource groups and the DOI organization “to ensure consistent operating principles and maximum impact.” This means that “activities, councils or chapters may be consolidated” to streamline its process, Piepszak added.

JPMorgan said it is making the changes to keep up with the market and current laws. (Erik McGregor/LightRocket via Getty Images / Getty Images)

The company plans to also reduce the volume of trainings on such topics. 

Piepszak said the company has always been committed to hiring, compensation and promotion that are merit-based. 

“We work to reduce barriers, not standards, because we know that when you reduce standards, nobody wins,” Piepszak said. “We do not have illegal quotas or pay incentives, and we would never turn someone away because of their political or religious beliefs, or because of who they are.” 

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JPMorgan told employees in the Friday memo that the bank is replacing the word “equity” with “opportunity,” and renaming the program “Diversity, Opportunity and Inclusion.” (DON EMMERT/AFP via Getty Images / Getty Images)

The firm did not define the changes as a “corrective action,” but rather as part of its organic evolution. It noted that it has been making changes to its diversity programs since 2023.

The memo came just weeks after the bank agreed to…