In a recent announcement, Citigroup has decided to scale back its diversity policies, joining a list of U.S. companies retreating from diversity, equity, and inclusion targets. The renewed presence of Donald Trump in the political sphere has heightened opposition to these targets, prompting several companies to retract goals established in recent years.
On Thursday, Citigroup’s CEO, Jane Fraser, informed staff through a memo that the bank would no longer pursue aspirational representation goals unless mandated by local law. Additionally, the bank will cease the requirement for “diverse slates of candidates and diverse panels of interviewers.”
Previously, Citigroup had set diversity targets aiming for roles from assistant vice-presidents to managing directors to comprise at least 43.5 percent women, 11.5 percent Black individuals, and 16 percent Latino individuals.
Furthermore, Citi announced a rebranding of its “Diversity, Equity and Inclusion and Talent Management” team, which will now be called “Talent Management and Engagement.”
Fraser explained that these policy changes result from “developments related to diversity initiatives across all U.S. institutions.” She emphasized the rapidly changing environment they are operating in and indicated that further updates could be considered in the coming weeks.
