US companies are rolling back initiatives related to diversity, equity and inclusion under President Donald Trump. Will other markets follow suit?

After taking over as the new US President, one of the first moves Donald Trump made was to issue an executive order to dismantle DEI (diversity, equity and inclusion) policies at federal agencies and in the private sector. As expected, this had a ripple effect on American companies, including those in the financial sector.

Citi, for example, dropped a requirement for a diverse slate of candidates for job interviews, according to a memo, as the bank will not have «aspirational representation goals» except as required by local law, CEO Jane Fraser said. Goldman Sachs dropped an entire section dedicated to DEI in its latest annual filing and canceled a four-year policy of only taking public companies that had two diverse board members.

J.P. Morgan removed almost all DEI-related references in its annual report, although CEO Jamie Dimon recently said in a «CNBC» interview that the bank would continue its diversity efforts.

Europe: Ripple Effect?

Across the Atlantic, many major European financial institutions remain steadfast in their DEI commitments thus far. At Germany’s Deutsche Bank, for example, CEO Christian Sewing said the bank was a strong supporter of such programs, adding that he believed they helped deliver better results. UBS CEO Sergio Ermotti said «nothing has changed» on the Swiss lender’s DEI policies. At HSBC, fresh chief Georges Elhedery also echoed the continued support for diversity.

«We definitely have delivered better outcomes for our customers by having a culture that is anchored in diverse thinking. So therefore, we will continue to strive to have highly talented teams and people with inclusivity remaining a key priority for how we run the bank,» he said during a recent presentation of HSBC’s annual results.

However, pundits believe Europe could change due to a ripple effect from the US. A «Bloomberg» report based on compiled data noted that mentions of «diversity and inclusion» during earning calls at Europe’s largest companies have become increasingly scarce.

Asia: Continued Momentum

In contrast, the topic appears to still be picking up momentum in Asia.

In Singapore, for example, there are efforts to create more opportunities for persons with disabilities, programs aimed at hiring older workers and effort to increase female representation on the boards of SGX-listed companies. Similarly, Hong Kong-listed companies were required in January to meet the requirement of having at least one female board member. Just 85 out of more than 2,600 listed companies failed to comply.

«When it comes to Asia, governments, organizations, and individuals are increasingly recognizing the importance of DEI,» Bank of Singapore’s global head of human resources Adeline Ang told finews.asia. «As a result, improving and enhancing DEI efforts in the workplace have also increased over the last several years. We expect an even greater focus on this over time, given the growing awareness and recognition of the positive impact DEI has.»