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Several major companies have scaled back their Diversity, Equity, and Inclusion (DEI) programs due to pressure from conservative groups and the White House. However, a growing number of CEOs are publicly supporting these initiatives.
Deutsche Bank CEO Christian Sewing recently defended his company’s DEI programs, calling them “integral” to the bank’s strategy. He joins JPMorgan Chase CEO Jamie Dimon and Goldman Sachs CEO David Solomon in voicing support for DEI.
Sewing stated that he has witnessed the benefits of diversity firsthand at the management level. He added that the bank might reconsider its position if the legality of DEI programs changes, but for now, diversity and inclusion remain core values.
Dimon responded defiantly to activist shareholders who targeted JPMorgan Chase’s DEI programs. He emphasized the bank’s commitment to outreach within various communities, including Black, Hispanic, LGBTQ+, and veteran communities.
Solomon noted that clients also consider diversity when evaluating talent. He highlighted how clients are thinking about factors like decarbonization, climate transition, and talent diversity globally.
Cisco CEO Chuck Robbins believes a diverse workforce is demonstrably better. He acknowledged that the DEI pendulum can swing too far in either direction, but emphasized the importance of finding a balance. He also suggested that some specific DEI practices might need adjustment, but the overall concept remains valid.
Costco CEO Ron Vachris also remains committed to DEI despite facing pressure. Costco shareholders overwhelmingly rejected a proposal that would have required the company to report on the risks of DEI policies.
Vachris sees this vote as a clear endorsement of the company’s stance. Despite this, Costco continues to face scrutiny, recently receiving a letter from 19 Republican attorneys general urging the company to end its DEI practices.