JPMorgan expects criticism over its DEI policy

(Reuters) - JPMorgan Chase expects to face criticism on some of its business practices, including diversity, equity and inclusion (DEI), according to its regulatory filing on Friday.

The largest U.S. bank "has been and expects that it will continue to be criticized by activists, politicians and other members of the public concerning business practices or positions taken by JPMorgan Chase with respect to matters of public policy (such as diversity, equity and inclusion initiatives)...", the filing said.

The bank's latest annual filing has only one mention of DEI, in contrast with six mentions in the previous year.

Big corporations have been facing increasing pressure from conservative groups to cut back on DEI policies aimed at boosting racial and ethnic representation at workplaces.

Earlier in the week, Wall Street giant Goldman Sachs said it had ended a DEI pledge tied to the investment bank's initial public offering business.

Other major U.S. companies such as Apple and Meta Platforms have dropped or considered altering their DEI policies following President Donald Trump's executive order to curtail such programs at the federal and private level.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shilpi Majumdar)

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