Citigroup, PepsiCo Roll Back DEI Policies Amid Political Pressure

Citigroup has announced a significant rollback of its diversity, equity, and inclusion (DEI) commitments, a trend seen across several major companies. In a memo dated February 20, CEO Jane Fraser stated that the bank will no longer require diverse slates of candidates for interviews or set aspirational representation goals unless mandated by local law. The DEI team will be rebranded as 'Talent Management and Engagement', reflecting a broader shift in corporate policies amid changing political dynamics and backlash against DEI initiatives. Other companies, including PepsiCo and Goldman Sachs, have made similar announcements, indicating a growing trend of scaling back diversity programs following a 2023 Supreme Court ruling and an executive order from the Trump Administration. Fraser emphasized the importance of adapting to a rapidly evolving environment while maintaining a commitment to equal employment opportunities. This shift marks a departure from Citigroup's previous goals aimed at increasing representation for marginalized communities and reflects a broader corporate retreat from DEI efforts.