Bank of America and Wells Fargo, like a number of other banks in recent weeks, have backed away from diversity, equity and inclusion mentions in their annual filings this week. 

Where the “Diversity and Inclusion” section in Charlotte, North Carolina-based Bank of America’s 10-K was last year is instead a section in this year’s filing titled “Talent, Inclusion and Opportunity.” It refers to the bank’s approach to recruiting, hiring, employee networks and training and development, without mentioning diversity, equity or inclusion. 

A table breaking down workforce demographics – called “Diversity Metrics” in last year’s filing – is referred to as “Workforce data” in this year’s. This year’s filing does break out the share of U.S.-based employees identifying as American Indian/Alaskan Native, Native Hawaiian/Other Pacific, or “Two or More Races.”

Last year’s filing mentioned a “diversity and inclusion strategy, programs, initiatives and policies,” and noted the bank’s “Global Diversity and Inclusion Council, which has been in place for over 20 years, is chaired by our CEO and consists of senior executives from every line of business and region.” 

There’s no mention of that council or the diversity and inclusion strategy, programs, initiatives or policies in this year’s filing. A person familiar with the matter said the council is being renamed the “Global Opportunity and Inclusion Council.” BofA is also swapping out the “diversity” in a “diversity and inclusion” internal human resources group name, in favor of “opportunity and inclusion,” the person said. 

Additionally, the bank will no longer have aspirational DEI-related goals or require a diverse slate of candidates for open roles. Those changes at the bank, which is a government contractor, were driven by the Trump administration’s DEI executive order, the person said. Those changes mirror similar moves at Citi, announced last week by CEO Jane Fraser. 

Bank of America CEO Brian Moynihan was asked Tuesday whether the bank has a DEI policy, amid recent backlash against diversity, equity and inclusion initiatives due to the Trump administration’s crackdown, but the CEO didn’t answer the question directly. 

“We have diversity and inclusion at our company,” he responded at an event at The Economic Club in Washington, D.C. “But, step back: we’ve always been the bank of opportunity.”

Moynihan’s “opportunity” mention aligns with new wording used in this year’s 10-K, which forgoes diversity and inclusion mentions but asserts “Bank of America has always been the bank of opportunity for our shareholders, our clients and customers, our communities and our teammates.”

The bank, in last year’s filing, said it “[reinforces] our commitment to diversity and inclusion by investing internally in our employee networks and by facilitating voluntary enterprise-wide learning and conversations about various diversity and inclusion topics. In addition, we have practices in place for attracting diverse talent, including campus recruitment.” 

That language is absent from this year’s filing. A Bank of America spokesperson said the bank’s annual report, proxy and its website provide far more detail on the bank’s programs. 

The BofA spokesperson also pointed to a mention in this year’s filing that the bank is “deliberate about the many ways we seek to create an inclusive environment where everyone has the opportunity to achieve their career goals.”

Wells Fargo

Wells Fargo, too, has cut a “Promoting Diversity, Equity and Inclusion” paragraph from this year’s annual filing, as well as any mention of an annual pay equity review.

That review – which the bank had conducted with a third-party consultant “for a number of years,” according to last year’s filing – compared compensation of women to men globally, and U.S. minorities to U.S. non-minorities, “taking into account factors such as role, level, tenure, and geography.”  

Perhaps more critically, the bank is dropping a 2022 policy that required that 50% or more of that job candidates interviewed for certain roles be diverse. 

“In light of the current environment, we have decided to discontinue the diverse slate guidelines,” Wells Fargo said Wednesday in a memo seen by Bloomberg. “We remain focused on maintaining a workplace where we hire the best and most qualified people and one where everyone has equal access to opportunities to grow.”

The policy had a rocky start, as roughly dozen of Wells’ then-current and former employees alleged, in a New York Times report, that the bank held phony job interviews for nonwhite and female job-seekers for positions that had already been offered to other candidates. Wells Fargo paused its policy for several weeks to review and update it. The initial iteration called for a 50% diverse slate for jobs that paid $100,000 a year or more.

Wells Fargo asserted Wednesday it would continue to “source a broad pool of candidates” when recruiting.

Although championing diversity and inclusion is no longer listed as an expectation for every employee, Wells added this line to this year’s filing: “We want to be recognized as a great company for everyone by maintaining recruitment and career development practices that support our employees and provide an environment that welcomes people from different backgrounds and with different experiences.”

Wells maintained its demographic breakdown in this year’s filing: As of the end of 2024, “our global workforce was 51% female and 49% male, and our U.S. workforce was 54% female and 46% male. Our U.S. workforce was 51% white, 48% racially/ethnically diverse, and 1% undeclared,” this year’s filing said.

Truist

Truist, in its latest annual filing, referred to a table breaking down workforce demographics as “Teammate Composition” rather than “Teammate Diversity.” 

In last year’s 10-K filing, the bank, under a section called “Diversity, Equity, and Inclusion,” said “inclusivity, belonging, and authenticity are at the core of Truist’s evolving culture,” and “DEI continues to play an instrumental role across this evolution.” 

“Truist’s longstanding commitment to DEI thoughtfully positions the organization to lead and execute inclusively,” the bank said last year.

This year, Truist said it “aspires to foster a performance-based culture that is reinforced by belonging and inclusivity. Furthering a sense of belonging drives our teammate mission of creating an inclusive and energizing environment that empowers teammates to learn, grow, and have meaningful careers.”

Truist, Wells and Bank of America join JPMorgan Chase, Citi, Morgan Stanley, Capital One and U.S. Bank among lenders that have de-emphasized mentions of DEI in annual regulatory filings made over the past two weeks.