JPMorgan Chase CEO Jamie Dimon has publicly criticized the bank’s diversity, equity, and inclusion (DEI) initiatives, calling some of them “stupid” and a waste of resources. Dimon is planning to cut certain DEI programs, signaling a significant shift in the bank’s approach to diversity efforts.
During a recent address to employees, Dimon expressed his frustration with the current state of DEI spending, stating, “I was never a firm believer in bias training.” He went on to describe his dissatisfaction with what he sees as excessive bureaucracy and unnecessary expenditures tied to diversity initiatives. “I’m pissed off at the amount of money we’re spending on this,” Dimon reportedly told staff.
This announcement marks a stark departure from JPMorgan’s previous commitments to DEI. In 2020, the bank pledged $30 billion over five years to address racial equity gaps, aiming to support affordable housing, small businesses, and minority communities. The pledge was part of a broader wave of corporate America’s response to the racial justice movement following the murder of George Floyd.
However, as economic pressures mount and corporate priorities shift, many companies are reevaluating their DEI commitments. JPMorgan’s decision to scale back its programs reflects a growing trend among businesses to streamline operations and cut costs in uncertain times.
Dimon’s comments have sparked debate about the effectiveness of DEI initiatives, particularly bias training programs, which have faced criticism in recent years for failing to deliver measurable results. Critics argue that such programs often prioritize optics over tangible change, while supporters contend that they are essential for fostering inclusive workplaces.
The move also raises questions about the future of corporate DEI efforts more broadly. As one of the largest and most influential banks in the world, JPMorgan’s shift could encourage other companies to reconsider their own diversity commitments.
While Dimon’s stance may resonate with those who share his skepticism of DEI spending, it has also drawn criticism from advocates who argue that cutting these programs could undermine progress toward creating more equitable workplaces.
As JPMorgan moves forward with its plans to reduce DEI spending, the decision will likely continue to fuel discussions about the role of corporations in addressing systemic inequities and the best ways to achieve meaningful change.
For now, Dimon’s blunt critique of DEI initiatives underscores the challenges businesses face in balancing social responsibility with financial pragmatism—a tension that shows no signs of easing in the near future.
