JPMorgan is renaming its diversity, equity, and inclusion-focused initiatives and reducing some DEI-related employee trainings, according to an internal memo reviewed by Business Insider.

The move comes as corporate America bows to Washington's efforts to undo efforts aimed at advancing workplace diversity under President Donald Trump. It follows similar steps by other Wall Street banks, technology, and retail companies — including Goldman Sachs, Citigroup, Amazon, and Target — which have also pulled back on years-long promises to promote inclusion in their hiring practices.

The country's biggest bank by assets will be "changing 'equity' to 'opportunity'" and renaming the organization to "Diversity, Opportunity & Inclusion (DOI)," said the memo, which was signed by Chief Operating Officer Jennifer Piepszak and sent on Friday morning.

Piepszak wrote that "the 'e' always meant equal opportunity to us, not equal outcomes," and that JPMorgan believes "this more accurately reflects our ongoing approach to reach the most customers and clients to grow our business, create an inclusive workplace for our employees and increase access to opportunities."

A JPMorgan Chase spokesperson told BI on Friday that the bank had "already started on these changes two years ago," following the Supreme Court's decision to strike down affirmative action in college admissions, ruling it effectively unconstitutional.

"We've always said it's about merit, equal access to opportunity, not outcomes, no illegal quotas," the spokesperson added.

Trump in January signed an executive order called "Ending Illegal Discrimination and Restoring Merit-Based Opportunity," intended to curtail what he called "illegal preferences and discrimination."

Trump said that public and private sector institutions have "adopted and actively use dangerous, demeaning, and immoral race- and sex-based preferences under the guise of so-called 'diversity, equity, and inclusion.'" He added that such programs "violate the civil-rights laws of this Nation."

At the World Economic Forum in Davos in January, JPMorgan CEO Jamie Dimon said the bank would "continue to reach out to" the Black, Hispanic, LGBT, and veterans communities. In February, he took a more critical tone at a company town hall , saying: "I saw how we were spending money on some of this stupid shit, and it really pissed me off."

Last month, Citi renamed its DEI talent management team, streamlining and rebranding it as its "talent management and engagement" team, per a company memo. The embattled bank said it would move away from "aspirational representation goals except as required by law."

The financial-services powerhouse Goldman Sachs tamped down on diversity-related language in its 2024 annual report, published in late February; and also terminated a policy that required clients taking their companies public to count at least two diverse individuals on their boards.

"We have made certain adjustments to reflect developments in the law in the US," David Solomon, the CEO of the investment bank, said at the time in a statement tied to Goldman's shift.

See the full memo from Jennifer Piepszak on JPMorgan's move to rename DEI programs:

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At JPMorganChase, we're here to serve customers and clients across the U.S. and around the world. We help individuals launch their careers, assist families as they purchase their forever homes, teach financial health and wealth-building skills, power businesses and economies, and so much more. Our efforts to maximize value for investors and uplift the people and communities we serve drive our passion and dedication — and make us a stronger, more successful company.

We regularly review all of our products and services to be effective and efficient and to keep up with the market, consumer demand and current laws and regulations as they evolve, and we're doing the same regarding our diversity efforts, where we're making some changes to our programs and the language we use to describe them.

We will continuously evaluate programs across every part of our business to make sure they make commercial sense and are driving the right business outcomes. We must constantly raise the bar on how we deliver impact if we're to remain a strong business and employer of choice. And we will continue to comply with all laws and regulations.

We remain committed to our core principles, which includes our belief in the power of a diverse workforce that strengthens our business and attracts and retains the best talent. We work to reduce barriers, not standards, because we know that when you reduce standards, nobody wins.

We've always been committed to hiring, compensation and promotion that are merit-based; we do not have illegal quotas or pay incentives, and we would never turn someone away because of their political or religious beliefs, or because of who they are. We're not perfect, but we take pride in constantly challenging ourselves and raising the bar, and we always welcome feedback on ways we can be better.

Our outstanding business results reflect the quality of our employees and the success of our customer and community outreach. We're proud of how we continue to deliver excellence with integrity, heart and courage for our employees, shareholders, clients, customers and communities.