Citi Vice Chair of Client and Banking Leon Kalvaria forecasts how President Donald Trump’s policies will impact the economy.
Major U.S.-based bank Citigroup is joining the list of American corporations pulling back on diversity, equity and inclusion (DEI) initiatives within its hiring process.
Citigroup will no longer require a diverse pool of applicants for job interviews except as required by local law, CEO Jane Fraser said in a memo on Thursday, Reuters reported.
The bank also plans to change the name of its “Diversity, Equity and Inclusion and Talent Management” department to the “Talent Management and Engagement” team.
“It is important to note that we’re living in an environment where things are changing quickly,” Fraser wrote, while noting that Citigroup still encourages “the best practice of having a variety of perspectives included in hiring decisions.”
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Citigroup did not immediately respond to Fox News Digital’s request for comment.
Citigroup’s CEO announced revisions to its diversity, equity and inclusion hiring practices in a Thursday memo. (Getty Images)
The decision comes just weeks after other top bankers such as Goldman Sachs removed a policy requiring acquisitions of companies with at least two diverse board members, and JPMorgan Chase is readying to face criticism over some of its own DEI practices.
President Donald Trump has initiated a new business climate that encourages retreating from DEI policies. He has signed multiple orders to review and potentially eliminate those practices.
Serial entrepreneur Shawn Meaike speculates how President Trump’s DEI crackdowns could impact businesses in the private sector in an interview with Fox News Digital.
During his first month in office, Trump signed an executive order directing government agencies to investigate DEI programs at publicly traded corporations, large nonprofit corporations or associations and foundations with assets of at least $500 million.
More recently, the Trump administration revised federal acquisition rules this week requiring the government to stop considering DEI when awarding contracts, aligning with the Department of Government Efficiency’s (DOGE) broader efforts to fundamentally transform federal operations.
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Citi Vice Chair of Client and Banking Leon Kalvaria talked with FOX Business’ Maria Bartiromo at the World Economic Forum last month, noting the company plans to be “cautious” in the 2025 bank environment.
“There is so much [that’s] going to happen potentially in the marketplace, and we want to ensure that we get our fair share of that,” Kalvaria said. “In this environment, we’ll continue to selectively add people where it makes sense.”
Fox News’ Alec Schemmel, Andrew Mark Miller and FOX Business’ Eric Revell contributed to this report.
