Citigroup is ending the representation goals at the workplace and removing the requirements of interviewing candidates from various origins, citing pressure from the Trump administration.
The bank will no longer have “aspirational representation goals”, except as required by local law, and will abandon a diversity policy on interview candidates and panels, according to a memorandum to the CEO Jane Fraser team, seen by Bloomberg News.
He will also rename his team of “Diversity, Equity and Inclusion and Talent Management” for “Talent Management and Engagement,” said Fraser.
“Recent changes in US Federal Government policy, including new requirements that apply to all federal contractors, require changes in some of the global strategies and programs we use to attract and support colleagues from various origins,” she said in the memorandum.
The bank facilitates much of the US government’s network of payment, both nationally and internationally, becoming an important federal contractor and vulnerable to the scrutiny of administration.
By 2022, Fraser set out to increase the percentage of black employees in positions of deputy director to managing director to 11.5% in the US, Puerto Rico and Canada until 2025. Globally, Citigroup aimed to increase the participation of Women in these positions to 43.5% compared to 40.6% at the end of 2021.
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Less than a year ago, the bank boasted its dedication to the same goals it has just canceled. “Citi’s aspirational representation goals for 2025 are incorporated into its business strategy,” he said in a document. “Having aspirational goals at all levels – from the beginning of their career to senior leadership positions – will help ensure that I Citi not only have various talents in leadership positions, but will also help build a pipeline of diverse talents for the future. ”
Citigroup’s change in policy follows a series of US companies that have reduced diversity initiatives amid political and legal pressures.
Consulting companies such as Accenture, Booz Allen Hamilton Holding and Deloitte also abandoned their diversity goals, citing Donald Trump’s executive order that prohibits diversity efforts in federal contractors. Many large companies began to reassess their diversity programs after the Supreme Court overthrow affirmative action in university admissions in June 2023.
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“Although our colleagues are well trained to adapt, we know that there are times when the change can be difficult,” Fraser said in Thursday’s memorandum. “But what defines us as I Citi is not changing.”
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