In February 2025, Goldman Sachs and Deloitte made significant changes to their Diversity, Equity, and Inclusion (DEI) strategies.

Both companies were once considered leaders in promoting corporate diversity.

Their decision to scale back these initiatives represents a broader trend and raises critical questions about the future of DEI in the corporate world.

While they insist that their commitment to fairness remains, the implications of these rollbacks go beyond policy adjustments—they may shift workplace culture and impact opportunities for underrepresented groups.

To fully understand the weight of these decisions, we need to reflect on the results these companies achieved through their DEI efforts and the impact their policies had on business performance.

Why These Companies Were DEI Champions

Goldman Sachs: A Bold Policy for Board Diversity

In 2020, Goldman Sachs implemented a policy mandating that companies it takes public must have at least two diverse board members, one of whom should be a woman. This groundbreaking move aimed to improve representation at the highest levels of corporate leadership.:

• IPO Success Stories: Several companies that went public under this policy demonstrated strong performance, enhancing the reputation of Goldman Sachs as a progressive financial leader. (Reuters, 2025)

• Increased Client Interest: ESG-conscious investors increasingly sought companies that aligned with diversity and inclusion values, positioning Goldman Sachs as a preferred partner for progressive organizations. (Financial Times, 2023)

Deloitte: Data-Driven DEI Advocacy

Deloitte has been an industry leader in embedding DEI into business strategy. Their 2023 report on diversity in financial services emphasized the direct link between diversity and innovation, employee engagement, and business resilience.

• Higher Innovation Rates: Deloitte’s 2023 Global Human Capital Trends survey indicated that companies prioritizing DEI saw notable improvements in innovation as diverse teams contributed varied perspectives to problem-solving. (Deloitte Human Capital Trends, 2023)

• Employee Retention Gains: Organizations with strong DEI programs reported higher retention rates, with business leaders linking DEI efforts to improved employee satisfaction and engagement. (Deloitte, 2023)

• Financial Resilience: Deloitte’s 2022 Global Resilience Report highlighted that companies with diverse leadership were better positioned to navigate economic challenges and maintain earnings stability. (Deloitte Resilience Report, 2022)

What Happened in 2025?

Goldman Sachs: Ends Board Diversity Requirement

• Policy Change: Goldman Sachs discontinued its requirement for companies going public to have at least two board members from underrepresented groups.

• Reason: Legal changes, particularly a court ruling that struck down Nasdaq’s diversity disclosure requirement, influenced the decision.

• Representative Statement: “We encourage companies to pursue diverse leadership structures but no longer enforce this as a formal requirement.” (Murray, 2025)

Deloitte: Adjustments for U.S. Government Contracts

• Policy Change: Deloitte instructed employees in its Government & Public Services division to remove gender pronouns from email signatures, aligning with emerging government client practices.

• Reason: Compliance with federal guidelines for government contractors.

• Internal Communication: Emphasized the need to align with client requirements while maintaining fairness and equity across the organization. (Business Insider, 2025)

Timeline of DEI Initiatives

Goldman Sachs DEI Timeline:

• 2018: Goldman Sachs launched its internal diversity task force aimed at increasing representation at all organizational levels.

• 2020: Introduced the board diversity requirement for IPO-bound companies.

• 2021–2023: Released internal reviews and reports showcasing enhanced client interest and reputational gains from its DEI efforts.

• 2025: Ended the formal board diversity requirement due to regulatory changes.

Deloitte DEI Timeline:

• 2015: Established its Global Inclusion Council to oversee diversity initiatives across regions.

• 2017: Released its first comprehensive DEI impact report showing the link between diversity and financial performance.

• 2020: Expanded DEI programs to include neurodiversity hiring initiatives.

• 2022: Published the Global Resilience Report linking DEI efforts to financial stability and resilience.

• 2023: Released the Global Human Capital Trends report highlighting how DEI drives innovation and engagement.

• 2025: Adjusted internal DEI policies for employees working with government contracts.

A Growing Trend: Companies Scaling Back DEI

Goldman Sachs and Deloitte aren’t alone. Other companies have recently made similar changes, signaling a broader industry trend that may reshape how corporations approach DEI.

Target: Reduced DEI staffing in 2024

Target cited budget constraints as a primary reason for scaling back its DEI department. While the company emphasized that inclusivity remains a core value, the reduction in dedicated DEI roles has sparked concern among employees and external observers.

Disney: Scaled Back DEI Initiatives Amid Cost-Cutting Measures

Facing financial pressures, Disney streamlined several DEI programs in 2024. The company stated that its focus would shift toward integrating DEI principles into broader business operations rather than maintaining standalone initiatives.

Accenture: Reorganized DEI Leadership and Streamlined Programs

Accenture recently announced a restructuring of its DEI leadership. The company emphasized a data-driven approach, focusing on tracking progress and integrating DEI into core business functions rather than relying solely on dedicated departments.

Best Practices for Companies Navigating DEI Changes

1. Be Transparent and Communicative: Clearly explain policy changes to maintain trust with employees and stakeholders.

2. Focus on Metrics: Prioritize measurable outcomes to build sustainable DEI programs.

3. Embed DEI in Core Business Functions: Even if formal programs are reduced, inclusivity should remain a business priority.

Conclusion: Staying Aware and Informed

The recent changes at Goldman Sachs and Deloitte reflect a broader trend of corporate adaptation. While external pressures may force adjustments, the commitment to building fair and inclusive workplaces should remain.

For job seekers, this is a reminder to stay vigilant and informed. Ask the right questions and evaluate whether companies are following through on their diversity promises.

For employers, this is an opportunity to reassess and reinforce DEI strategies that work, maintain open communication during times of change, and ensure measurable impact.

How Diversity.com Supports Employers & Job Seekers

At Diversity.com, we help businesses build inclusive workplaces while supporting HR professionals, employers, and job seekers in navigating evolving DEI strategies.

Whether you're reinforcing DEI in your company, adapting to changing regulations, or seeking career opportunities in inclusive workplaces, we provide resources, job board solutions, and expert insights to support your goals.

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For Job Seekers:

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✔ Create a free job seeker account — Start applying for jobs that align with your values and career goals.
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We’re committed to helping both employers and job seekers navigate the shifting DEI landscape. Explore our platform today.

If you have any questions or need assistance, feel free to Contact Us Here. Our dedicated support team is ready to help!

Related Articles

• Google’s DEI Shift: Compliance Necessity or Strategic Reevaluation?

• Meta’s DEI Rollback: The Aftermath and What’s Changed Since the Policy Shift

• Amazon’s DEI Rollback: The Impact, Employee Reactions, and What’s Next

• JPMorgan Chase Doubles Down on DEI in 2025: Why Inclusion Still Drives Success

• Accenture Scales Back DEI Commitments: Industry Reactions and Next Steps

• Disney Scales Back DEI Efforts: What Happened to "Reimagine Tomorrow"?

• The NFL’s Ongoing Commitment to DEI: How It’s Leading the Way in 2025

• Months After Target’s DEI Rollback: What’s Happened So Far

Sources & References:

• AP News Staff. (2025). Which US companies are pulling back on diversity initiatives? AP News. Retrieved from https://apnews.com/article/753f027bb73a1035a919482427553ea3

• Business Insider. (2025). Deloitte tells some staff to remove pronouns from their email signatures. Retrieved from https://www.businessinsider.com/deloitte-big-four-split-over-dei-trump-rollback-2025-2

• Deloitte. (2023). The ROI of DEI in Financial Services. Retrieved from https://www2.deloitte.com/us/en/insights/industry/financial-services/diversity-equity-inclusion-fsi.html

• Deloitte. (2022). Global Resilience Report. Retrieved from https://www2.deloitte.com/us/en/pages/risk/articles/global-resilience-report.html

• Financial Times. (2023). How ESG Trends Influence Corporate Leadership. Retrieved from https://www.ft.com

• Murray, C. (2025). Goldman Sachs axes diversity requirement for company boards; here are all the companies rolling back DEI. Forbes. Retrieved from https://www.forbes.com/sites/conormurray/2025/02/12/goldman-sachs-axes-diversity-requirement-for-company-boards-here-are-all-the-companies-rolling-back-dei/

• Reuters. (2025). Goldman Sachs Ends IPO Diversity Pledge. Retrieved from https://www.reuters.com/business/finance/goldman-sachs-ends-ipo-diversity-pledge-2025-02-11/