Citigroup joins corporate retreat from diversity initiatives

(Reuters) - Citigroup will no longer require a diverse slate of candidates for job interviews, its CEO said in a memo on Thursday, as corporate America contends with a new business climate under President Donald Trump.

The bank will not have "aspirational representation goals" except as required by local law, CEO Jane Fraser said. It will also change the name of the "Diversity, Equity and Inclusion and Talent Management" team to "Talent Management and Engagement".

Since taking office, Trump has attempted to dismantle diversity, equity and inclusion (DEI) programs in the federal government and the private sector. In response, several major companies are scaling back their diversity commitments.

Earlier this month, Goldman Sachs canceled a four-year-old policy of exclusively taking public companies with at least two diverse board members. Last week, JPMorgan Chase also said it expects to face criticism over some of its DEI practices.

Wall Street has long grappled with diversity challenges. But even before Trump took office, some big corporations were already facing pressure from conservative groups to scale back their DEI policies.

"It is important to note that we're living in an environment where things are changing quickly," Fraser wrote, adding that the bank will still encourage "the best practice of having a variety of perspectives included in hiring decisions".

(Reporting by Niket Nishant in Bengaluru; Editing by Mohammed Safi Shamsi)

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