Historically, Wall Street has faced criticism for its lack of support for women and minority groups. The financial services sector is notably characterized by a prevalence of major banks bearing the Morgan family name rather than being led by women in executive roles.

Over the past five years, however, numerous leading financial institutions have publicly committed to investing resources into expanding access to financial services for underserved communities, as well as prioritizing the hiring, advancement, and collaboration with diverse individuals.

The current landscape, however, raises concerns as many previously touted diversity and inclusion initiatives are being reassessed, likely in response to the Trump administration’s focus on reducing diversity, equity, and inclusion efforts.

This scaling back includes a range of entities, from investment banks to consulting firms and mutual funds. Recently, Goldman Sachs announced its intention to eliminate a requirement that mandated corporate boards to have female and minority representation. Several other Wall Street firms are similarly reducing their outreach efforts aimed at recruiting Black and Hispanic employees.

Notably, international banking giant BNP Paribas has even postponed new initiatives planned for the upcoming International Women’s Day.

While this retreat is less visible compared to actions taken in the tech sector, where leaders have vocally backed Trump’s anti-diversity policies, some financial institutions had started to adjust their approaches much earlier—such as opening minority-focused programs to a broader audience.