BlackRock drops DEI goals, citing US policy shift

BlackRock, the world's largest asset manager, announced in a Friday memo that it dropped its diversity, equity, and inclusion goals, citing a shift in policy under President Donald Trump.

A company-wide email from senior executives — CEO Larry Fink, President Robert Kapito, and global head of human resources Caroline Heller — noted "significant changes to the U.S. legal and policy environment related to Diversity, Equity and Inclusion (DEI) that apply to many companies, including BlackRock."

'These values have been fundamental.'

BlackRock stated that, as a result, it would conduct an ongoing review of its "global practices and announc[e] several changes today."

The company explained that it would not renew its "aspirational workforce representation" targets, dropping requirements for hiring managers to interview a diverse pool of candidates.

Additionally, BlackRock announced that its existing DEI staff would merge into a "Talent and Culture" team.

"Our employee networks, which are open to all employees and to which over 90% of employees belong, will continue to serve as important resources for our colleagues," the memo stated. "Last year, we welcomed more than 3,000 new colleagues and we are adding many more in 2025. Our connected and inclusive culture is imperative to achieving our commercial objectives and delivering performance for our clients."

In a 2021 letter to shareholders, Fink previously vowed to "embed DEI into everything we do."

In 2020, the asset manager established a goal to boost U.S. black and Latino employees by 30% and double the leadership numbers of those individuals by 2024. It has since abandoned these goals.

The company's 2023 annual report previously disclosed the percentage of its U.S.-based employees who identified as black and Latino. It also provided a breakdown of gender demographics. However, BlackRock's latest 2024 report did not disclose these stats.

Despite committing to ditching DEI-related practices, BlackRock reaffirmed its commitment to maintaining a diverse workforce and avoiding "groupthink."

The memo read, "We are committed to creating a culture that welcomes diverse people and perspectives to foster creative solutions and avoid groupthink. These values have been fundamental to our One BlackRock culture since our founding 37 years ago."

BlackRock has also been gradually retreating from woke practices, including environmental, social, and governance objectives. The company exited the United Nations-sponsored Net Zero Asset Managers coalition earlier this year.

Other corporations, including Goldman Sachs Group Inc., Citigroup Inc., McDonald's, Ford, and Walmart, have likewise recently walked back their DEI objectives following Trump's directive to investigate such programs for potential civil rights violations.

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