BlackRock changes stance on DEI; joins Bank of America, Paramount in rollback

• BlackRock announced it has shifted away from its DEI policies, aligning with legal and policy changes. The move marks a significant shift for a company that once promoted its DEI goals.
• The company will not renew workforce representation goals and has removed DEI references from its annual report.
• Other major corporations, including Bank of America and Paramount, have also scaled back DEI initiatives this week.

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BlackRock announced that it is moving away from its diversity, equity and inclusion (DEI) policies, a stance the company had actively promoted in recent years.

Company leadership announces policy changes

In a company-wide email sent Friday, Feb. 28, CEO Larry Fink and top executives announced the shift, stating it aligns with recent legal and policy changes.

“There have been significant changes to the U.S. legal and policy environment related to Diversity, Equity and Inclusion (DEI) that apply to many companies, including BlackRock. In light of this, we are conducting an ongoing review of our global practices and announcing several changes today.”

CEO Larry Fink

Fink emphasized that “delivering for clients requires attracting the best people from across the world. We are committed to creating a culture that welcomes diverse people and perspectives to foster creative solutions and avoid groupthink.”

Major structural adjustments

The asset management firm announced it will not renew workforce representation goals that expired in 2024.

Additionally, it will no longer require managers to interview a diverse slate of candidates.

Instead, BlackRock announced a merger of its Talent Management and DEI teams into a new Global Talent and Culture team.

BlackRock also removed references to DEI strategies and policies from its annual report.

Industry-wide trend

BlackRock’s move follows similar actions by other major corporations. Companies such as McDonald’s, Ford and Walmart have also scaled back DEI initiatives.

Warner Bros. Discovery, Goldman Sachs, Paramount and Bank of America rolled back DEI language and policies this week alone.

Fink’s prior advocacy for DEI made this shift even more notable.

In a 2021 letter to shareholders, he wrote, “Just as we ask of other companies, we have a long-term strategy aimed at improving diversity, equity, and inclusion at BlackRock. To truly drive change, we must embed DEI into everything we do.”

Mounting political pressure

Corporations have faced increasing political scrutiny over DEI programs. Last month, President Donald Trump signed an executive order calling for federal investigations into corporate DEI initiatives, citing potential civil rights violations.