Citi scraps diversity goals under pressure from Trump

financialpost.com:

Citigroup Inc. is ending workplace representation goals and removing requirements to interview job candidates from diverse backgrounds, citing pressure from the Trump administration.

The bank will no longer have “aspirational representation goals” except as required by local law, and abandon a policy for diversity in candidates and interview panels, according to a memo to staff from chief executive Jane Fraser seen by Bloomberg News.

It will also rename its “Diversity, Equity and Inclusion and Talent Management” team to “Talent Management and Engagement,” Fraser said.

“The recent changes in United States federal government policy, including new requirements that apply to all federal contractors, call for changes to some of the global strategies and programs we’ve used to attract and support colleagues from various backgrounds,” she said in the memo.

The bank facilitates much of the U.S. government’s payment network domestically and internationally, making it a major federal contractor and vulnerable to the administration’s scrutiny.

In 2022, Fraser set out to lift the percentage of Black employees in roles from assistant vice president to managing director to 11.5 per cent in the U.S., U.S. territory Puerto Rico and Canada by 2025. Globally, Citigroup aimed to increase the share of women in those roles to 43.5 per cent up from 40.6 per cent at the end of 2021.

Less than a year ago, the bank boasted of its dedication to the same targets it just cancelled. “Citi’s 2025 aspirational representation goals are embedded in its business strategy,” it said in a filing. “Having aspirational goals across all levels — from early career through senior leadership roles — will help ensure Citi not only has diverse talent in leadership