Goldman Sachs, Bank of America, other Wall Street firms pulling back on DEI initiatives: report

Following the death of George Floyd in 2020, Wall Street firms rushed to institute policies and practices aimed at promoting diversity, equity, and inclusion, and increasing the number of people from underrepresented groups in positions of power. 

That trend now appears to be moving in the other direction with corporations that once championed the cause quietly doing away with DEI initiatives and reverting to a merit-based, non-discriminatory system of hiring. 

According to Bloomberg, among those who have made changes to DEI-focused initiatives are Goldman Sachs and Bank of America. The former recently allowed white students to attend its "Possibilities Summit," which had previously been limited to black students, while the latter has stopped limiting certain internal programs to just minorities. 

Their moves are symbolic of a shift in the industry; the era of a company's commitment to DEI taking precedence over its commitment to equal opportunity seems to be slowly reversing.