JPMorgan Chase is altering the name of what was formerly its DEI program.
The following month, JPMorgan Chase joined companies such as Morgan Stanley, Citigroup, Wells Fargo, and Bank of America in removing or toning down language around DEI. Dimon also stated the bank giant was going to retract some DEI initiatives he views as wasteful spending, but its overarching goal remained to “lift up society.”
In the latest update, JPMorgan Chase has rebranded its Diversity, Equity, and Inclusion (DEI) program to Diversity, Opportunity & Inclusion (DOI), Fortune notes. Its removal of equity in its programs was explained by the company’s Chief Operating Officer Jenn Piepzak.
“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,” Piepzak wrote in a staff memo.
“We’ve always been committed to hiring, compensation and promotion that are merit-based; 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,” Piepzak mentioned, according to Fortune. “We’re not perfect, but we take pride in constantly challenging ourselves and raising the bar.”
Source: afrotech.com
