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Then, last year, corporate America took a U-turn amid President Donald Trump’s ire against what he calls “illegal DEI.” Fearing lawsuits, the loss of government contracts and criticism from the administration, businesses began to quickly pivot, downsize or dismantle their diversity efforts.

In February 2025, Citigroup CEO Jane Fraser announced she was ending the DEI goals she set out less than three years before, citing an executive order by Trump. Earlier in the month, JPMorgan CEO Jamie Dimon had labeled some DEI programs a waste of money. “I saw how we were spending money on some of this stupid s—, and it really pissed me off,” he said. The following month, his bank renamed its DEI program Diversity, Opportunity & Inclusion, or DOI, “because the ‘e’ always meant equal opportunity to us, not equal outcomes.”

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Some Black bankers who’ve excelled in their roles say they feel less supported in their professional growth now and are struggling amid what they perceive as instances of unfair treatment. What’s more, they worry about what the shift in corporate norms means for those looking to enter the field.

“What’s lost in the rollback of DEI efforts across financial services is the pipeline of diverse talent, which took so many years to build and support, and had been successful across Wall Street in closing the gap,” says Bummah Ndeh, 31, a DEI consultant in Washington, DC, who most recently worked at the nonprofit Management Leadership for Tomorrow. “Now, aspiring Black professionals may lose out in how they get their foot in at big banks,” he says, “and those firms may lose out in how their workforce reflects a real-world client base.”

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