Global investment bank Goldman Sachs has become the latest major corporation to scale back its diversity, equity, and inclusion (DEI) efforts, joining a growing trend of companies reassessing such programs in response to legal and political pressures.
According to a company spokesman, Goldman Sachs has dropped its requirement for IPO clients to include women and minority group members on their boards.
“As a result of legal developments related to board diversity requirements, we ended our formal board diversity policy,” the spokesman wrote in an emailed statement. “We continue to believe that successful boards benefit from diverse backgrounds and perspectives, and we will encourage them to take this approach.”
This shift comes amid a broader corporate pullback from DEI initiatives that gained momentum following the 2020 protests sparked by the death of George Floyd. Conservative activists have targeted these workplace programs through legal challenges and social media campaigns, arguing that some initiatives discriminate based on factors such as race, gender, and sexual orientation.
President Donald Trump’s recent executive orders aimed at dismantling DEI policies in both the federal government and private sector have further put pressure on such programs.
Tech giants have also joined the retreat. Google has rescinded its 2020 goal to increase underrepresented groups in leadership by 30 percent within five years. The company is considering additional changes in response to Trump’s executive order targeting federal contractors’ DEI practices.
Meta Platforms, the parent company of Facebook and Instagram, has announced the elimination of its DEI program. According to Axios, Meta will no longer have a dedicated diversity and inclusion team, instead focusing on “fair and consistent practices that mitigate bias for all.”
Amazon is also “winding down outdated programs and materials,” aiming to complete this process by the end of 2024, according to a memo from senior HR executive Candi Castleberry.
In the fast-food industry, McDonald’s recently announced the retirement of specific diversity goals for senior leadership and the end of a program encouraging supplier diversity. The company stated in an open letter that it remains committed to inclusion but will pause “external surveys.”
Retail giant Walmart confirmed in November 2024 that it would not renew its commitment to a racial equity center established in 2020. The retailer will also stop considering race and gender in supplier contracts and cease gathering demographic data for financing eligibility.
In the automotive sector, Ford CEO Jim Farley informed employees in August 2024 of changes to the company’s DEI policies, including withdrawal from the LGBT advocacy group Human Rights Campaign’s Corporate Equality Index. Farley emphasized Ford’s commitment to “fostering a safe and inclusive workplace” without using hiring quotas or tying compensation to diversity goals.
Other companies making similar moves include Lowe’s, which combined its employee resource groups into one organization, and Harley-Davidson, which announced a focus on growing motorcycling and supporting first responders and veterans.
Brown-Forman, Jack Daniels’ parent company, has removed quantitative workforce and supplier diversity ambitions.
Agricultural equipment manufacturer John Deere stated it would no longer sponsor “social or cultural awareness” events and would audit training materials “to ensure the absence of socially-motivated messages.”
Tractor Supply also made headlines by eliminating all DEI roles and retiring current DEI goals. The company also withdrew from carbon emission goals to focus on land and water conservation efforts.
