Diversity, equity and inclusion has been dying a slow death since Donald Trump assumed the presidency. It’s a philosophy that was aimed at evening the playing field for people of all races, genders and sexual persuasions, but instead it merely divided people and encouraged institutionalized racism, division, and putting someone’s characteristics over their actual merit for jobs and promotions.
Now two financial giants, BlackRock and Bank of America, are moving away from DEI even after BlackRock’s CEO Larry Fink made the ludicrous statement in 2021 that “we must embed DEI into everything we do.” A very strange priority, since his firm is supposed to effectively manage capital for people, pension plans and companies, not wage social justice campaigns.
But BlackRock, the investment company that manages over $11.5 trillion, has now cut some key wording out of its annual report:
BlackRock cut references to its diversity, equity and inclusion strategy in its latest annual report, joining the list of Wall Street firms and corporate employers distancing themselves from DEI.
It is a particularly notable turnaround for BlackRock, where Chief Executive Larry Fink once embraced DEI and environmental, social and governance investing.
“Just as we ask of other companies, we have a long-term strategy aimed at improving diversity, equity and inclusion at BlackRock,” Fink wrote in a 2021 letter to shareholders. “To truly drive change, we must embed DEI into everything we do.”
In BlackRock’s annual report filed Tuesday, the world’s largest asset manager deleted statements it included in past reports about a diverse and inclusive workforce being “a commercial imperative and indispensable.”
Bank of America, the nation's second-largest bank, made a similar move on Tuesday:
BofA also backed off the much-criticized DEI policies in its annual report filed on Tuesday evening, formally ending the requirements for hiring and interviewing bankers.
“We are deliberate about the many ways we seek to create an inclusive environment where everyone has the opportunity to achieve their career goals,” the Charlotte-based firm wrote.
A rep for Bank of America confirmed that was no longer company policy.
“We evaluate and adjust our programs in light of new laws, court decisions, and, more recently, executive orders from the new administration,” a bank spokesperson said.
“Our goal has been and continues to be to make opportunities available for all of our clients, shareholders, teammates, and the communities we serve.”
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In January, as RedState’s Streiff reported, President Trump issued an executive order banning DEI in the federal government and beyond. In the wake of that order, numerous companies and universities have dropped their divisive efforts (or renamed them in an attempt to gaslight people).
BYE, BYE, DEI: President Trump signed an executive order ending federal DEI programs and initiatives and almost one-third of voters agreed that it is "extremely important" that the president focuses on getting DEI out of the government. https://t.co/16qUwBbE1B pic.twitter.com/pkmfvElsRn
— Fox News (@FoxNews) January 22, 2025
DEI did not bring the racial harmony and equal opportunity as its proponents promised. Instead it brought division, high-paying “diversity administrator” jobs for some, and an unequal playing field for many. Trump’s right to try to rid us of it, and although these two companies will undoubtedly have some on the inside who will try to continue their efforts by simply rebranding them, this is still another positive step in the right direction.
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