Wells Fargo, Truist, and Bank of America Scale Back DEI
Wells Fargo & Co. and Truist Financial Corp. have joined a growing number of financial institutions reducing references to diversity, equity, and inclusion (DEI) in their corporate filings. Bank of America (BofA) has also made similar adjustments, reflecting a broader shift amid increasing political scrutiny of DEI efforts, particularly from President Donald Trump.
Wells Fargo recently ended its policy requiring a diverse slate of candidates in the first round of interviews for senior-level U.S. positions. The decision was communicated internally through a company memo, aligning with a trend in the financial industry to reassess DEI commitments.
Meanwhile, Truist has subtly revised its DEI language in its latest annual report.
Bank of America has made notable changes as well, replacing “diversity” with “opportunity” in its filings. What was previously labeled as the “Diversity and Inclusion” section in last year’s 10-K report now appears as “Talent, Inclusion and Opportunity.” The section details the bank’s approach to hiring, employee networks, and training without directly mentioning diversity, equity, or inclusion.
These changes highlight a strategic shift in how major financial institutions position DEI initiatives in response to political and regulatory pressures.
