Barclays has ditched gender and ethnicity targets in the US as the British bank has bowed to US President Donald Trump’s anti-diversity drive.
Managers at the US branch of the British bank will no longer be required to evaluate how new hires and promotions support the career advancement of women and individuals from minority ethnic backgrounds.
The decision was made by the bank’s CEO, CS Venkatakrishnan, following a review into its diversity, equity, and inclusion (DEI) strategy that began late last year.
A Barclays spokesman said that the review was “still under way” and that “in the meantime, we have taken the decision to no longer have specific US representation ambitions".
"Our representation ambitions for the rest of the group will continue, and are being considered as part of the review.”
Barclays has ditched gender and ethnicity targets in the US
GETTYThe spokesman clarified that the review began before Trump won the election in November, adding: “We remain committed to a culture which values inclusiveness and equality of opportunity across Barclays.”
Although Barclays had not established specific targets for its US operations, the bank's 11,600 US employees, including those based in New York, Nevada, New Jersey, and Delaware, were expected to meet the global targets.
These included the goal of having women occupy 33 per cent of director and managing director roles by the end of 2025, and ensuring that staff from underrepresented ethnic backgrounds make up 50 per cent of those senior positions.
Barclays is continuing to uphold these targets for its global workforce, which totals approximately 91,260, including 43,180 employees in the UK.
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In the memo first reported by Bloomberg, the CEO said: “The group executive committee has been carefully considering the changed environment in the US.
“As a global organisation, we have always complied with the local requirements in the jurisdictions in which we have operated. In doing so, we have remained faithful to our workplace culture.”
This crackdown comes only a couple of months after Venkatakrishnan told reporters that Barclays had an “enduring commitment to a culture of inclusivity in the bank”.
He added: “If you want to get the very best people, by necessity, you get a very diverse workforce.”
Trump signed an executive order immediately after taking office January to reverse DEI policies in the federal government
REUTERSThe CEO said the company aimed to provide opportunities and create an inclusive environment where people could shine.
Trump signed an executive order immediately after taking office in January to reverse DEI policies in the federal government.
He also called on private companies to follow suit, which caused a nationwide crackdown on DEI policies in companies such as Walmart, McDonald’s, Ford and Amazon.
Barclays is the latest UK company to make the shift.
Last month, City regulators at the Bank of England and the Financial Conduct Authority sparked controversy by announcing that they would not introduce new diversity and inclusion regulations for financial firms.
Instead, they opted to support "voluntary industry initiatives."
