Bank of America and Wells Fargo, like a number of other banks in recent weeks, have backed away from diversity, equity and inclusion mentions in their annual filings this week. 

Where the “Diversity and Inclusion” section in Charlotte, North Carolina-based Bank of America’s 10-K was last year is instead a section in this year’s filing titled “Talent, Inclusion and Opportunity.” It refers to the bank’s approach to recruiting, hiring, employee networks and training and development, without mentioning diversity, equity or inclusion. 

A table breaking down workforce demographics – called “Diversity Metrics” in last year’s filing – is referred to as “Workforce data” in this year’s. This year’s filing does break out the share of U.S.-based employees identifying as American Indian/Alaskan Native, Native Hawaiian/Other Pacific, or “Two or More Races.”

Last year’s filing mentioned a “diversity and inclusion strategy, programs, initiatives and policies,” and noted the bank’s “Global Diversity and Inclusion Council, which has been in place for over 20 years, is chaired by our CEO and consists of senior executives from every line of business and region.” 

There’s no mention of that council or the diversity and inclusion strategy, programs, initiatives or policies in this year’s filing. A person familiar with the matter said the council is being renamed the “Global Opportunity and Inclusion Council.” BofA is also swapping out the “diversity” in a “diversity and inclusion” internal human resources group name, in favor of “opportunity and inclusion,” the person said. 

Additionally, the bank will no longer have aspirational DEI-related goals or require a diverse slate of candidates for open roles. Those changes at the bank, which is a government contractor, were driven by the Trump administration’s DEI executive order, the person said. Those changes mirror similar moves at Citi, announced last week by CEO Jane Fraser. 

Bank of America CEO Brian Moynihan was asked Tuesday whether the bank has a DEI policy, amid recent backlash against diversity, equity and inclusion initiatives due to the Trump administration’s crackdown, but the CEO didn’t answer the question directly. 

“We have diversity and inclusion at our company,” he responded at an event at The Economic Club in Washington, D.C. “But, step back: we’ve always been the bank of opportunity.”

Moynihan’s “opportunity” mention aligns with new wording used in this year’s 10-K, which forgoes diversity and inclusion mentions but asserts “Bank of America has always been the bank of opportunity for our shareholders, our clients and customers, our communities and our teammates.”

The bank, in last year’s filing, said it “[reinforces] our commitment to diversity and inclusion by investing internally in our employee networks and by facilitating voluntary enterprise-wide learning and conversations about various diversity and inclusion topics. In addition, we have practices in place for attracting diverse talent, including campus recruitment.” 

That language is absent from this year’s filing. A bank spokesperson said the bank’s annual report, proxy and its website provide far more detail on the bank’s programs. 

The BofA spokesperson also pointed to a mention in this year’s filing that the bank is “deliberate about the many ways we seek to create an inclusive environment where everyone has the opportunity to achieve their career goals.”

Wells Fargo, too, has cut a “Promoting Diversity, Equity and Inclusion” paragraph from this year’s annual filing, as well as any mention of an annual pay equity review.

That review – which the bank had conducted with a third-party consultant “for a number of years,” according to last year’s filing – compared compensation of women to men globally, and U.S. minorities to U.S. non-minorities, “taking into account factors such as role, level, tenure, and geography.”  

The San Francisco-based lender last year also referred to DEI principles and efforts which get no mention this year. A bank spokesperson didn’t immediately respond to a request for comment on the status of those.

Although championing diversity and inclusion is no longer listed as an expectation for every employee, Wells added this line to this year’s filing: “We want to be recognized as a great company for everyone by maintaining recruitment and career development practices that support our employees and provide an environment that welcomes people from different backgrounds and with different experiences.”

Wells maintained its demographic breakdown in this year’s filing: As of the end of 2024, “our global workforce was 51% female and 49% male, and our U.S. workforce was 54% female and 46% male. Our U.S. workforce was 51% white, 48% racially/ethnically diverse, and 1% undeclared,” this year’s filing said.

JPMorgan Chase, Citi, Morgan Stanley, Capital One and U.S. Bank are among those that have de-emphasized mentions of DEI in their annual regulatory filings, or have decided to scrap DEI-related goals, requirements or programs. 

Despite the corporate about-face on DEI references in regulatory filings, BofA’s Moynihan on Tuesday mentioned various diversity- and inclusion-focused programs the bank has, including one that’s geared toward hiring low- to moderate-income individuals.

“We have a diverse team, we stress inclusion, so when you’re at our company, you can be who you want to be and be successful,” he said.

Another Charlotte, North Carolina-based lender has de-emphasized DEI, too. Truist, in its latest annual filing, referred to a table breaking down workforce demographics as “Teammate Composition” rather than “Teammate Diversity.” 

In last year’s 10-K filing, the bank, under a section called “Diversity, Equity, and Inclusion,” said “inclusivity, belonging, and authenticity are at the core of Truist’s evolving culture,” and “DEI continues to play an instrumental role across this evolution.” 

“Truist’s longstanding commitment to DEI thoughtfully positions the organization to lead and execute inclusively,” the bank said last year.

This year, Truist said it “aspires to foster a performance-based culture that is reinforced by belonging and inclusivity. Furthering a sense of belonging drives our teammate mission of creating an inclusive and energizing environment that empowers teammates to learn, grow, and have meaningful careers.”