Dimon Says He’d Be Cutting ‘Stupid’ DEI Costs Even Without Trump

Jamie Dimon said JPMorgan Chase & Co. will scale back spending on some diversity initiatives that he sees as a waste of money, while he also reiterated the bank’s commitment to working with Black, Hispanic and LGBTQ communities.

Dimon, one of Wall Street’s most outspoken leaders, was responding to an employee’s question about JPMorgan’s diversity, equity and inclusion programs during a townhall discussion on Wednesday in Columbus, Ohio. Dimon said the plans to cancel some initiatives were about costs that went too far, rather than blowback from the new Trump administration.