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NAACP tells black consumers to stay away from companies without DEI commitments

The NAACP is calling on Black consumers to direct their nearly $2 trillion in buying power toward companies that have kept their commitments to diversity, equity and inclusion (DEI) initiatives.

In a “Black Consumer Advisory” memo released Saturday, the NAACP said that Black consumers have purchasing power exceeding $1.8 trillion annually. The memo included a “Call To Action” for these consumers to begin steering that power away from specific companies that have begun cutting back on DEI-related positions, programs, investments and hiring practices. According to the group, such rollbacks “reinforce historical barriers to progress under the guise of protecting ‘meritocracy,’” which they said was “a concept often used to justify exclusion.”

Some of the companies the group is urging Black consumers to steer clear of are listed on its website and include Walmart, Meta and McDonald’s. Others were reportedly referenced in a separate buying guide provided exclusively to The Associated Press, which listed Lowe’s, Amazon, Tractor Supply and Target as others to avoid.

Delta Air Lines, Apple and Ben & Jerry’s are some of the companies the NAACP listed on its website as having “recommitted to DEI.” Meanwhile, e.l.f. Cosmetics, JPMorgan Chase & Co. and Costco are other companies the NAACP is suggesting are wise for consumers to support because they have kept strong to their DEI commitments, according to The Associated Press.

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The effort to steer consumers away from these companies comes amid pressure from the Trump administration and GOP officials to peel back DEI commitments in both the public and private sectors. In addition to an executive order from President Donald Trump calling for an end to “Illegal DEI and DEIA policies,” which he says violate currently established civil rights law, newly appointed Attorney General Pam Bondi sent a memo earlier this month to all Justice Department employees, indicating the agency would be investigating, eliminating and penalizing DEI preferences, mandates, policies and programs occurring in the private sector and at educational institutions.

Missouri filed a lawsuit earlier this month challenging Starbucks’ DEI policies. (Fox News Digital)

Recently, Federal Communications Commission Chairman Brendan Carr ordered an investigation into Comcast’s DEI practices, while the state of Missouri filed a lawsuit earlier this month challenging Starbucks’ DEI policies, as well.

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“The NAACP recognizes that the rollback of DEI initiatives is a direct attack on Black economic progress, civil rights, and the principles of equity and fairness,” the Saturday consumer advisory memo stated. “These actions are part of a broader effort to reverse gains made in civil rights and social justice. We urge Black consumers to remain vigilant, informed, and intentional in their economic decisions, using their collective power to demand accountability from corporations and institutions.”

The consumer guidance provided by the NAACP will reportedly be amended as companies make changes to their DEI commitments, according to The Associated Press, and the group is currently in discussions with executives at companies that have reversed their DEI pledges.

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Fox News Digital reached out to the NAACP for comment and to receive a full list of companies it was urging Black consumers to steer cleer of but did not receive a response by publication time.

“We have the power to choose where we spend our money,” NAACP CEO and President Derrick Johnson said in a statement posted on X. “I am confident that this framework will support our community as we make difficult decisions on where to spend our hard-earned money.”

February 17, 2025
Chinese companies shore up US-based production to avoid Trump trade crackdown

Rockwell Automation CEO Blake Moret explains how tariffs will be a ‘net positive’ for U.S. automation on ‘The Claman Countdown.’

Chinese companies are shoring up their U.S.-based production and warehouses to evade the Trump administration’s crackdown on Communist Party of China (CCP) imports.

Fashion brand Temu is pushing its locally made products after the Trump administration put an end to a lucrative trade loophole that allowed Chinese fast fashion and low-cost goods to make their way into the U.S. and evade tax enforcement.

Temu is now promoting items stored in its U.S. warehouses under its “lightning deals” section and a “local warehouse” section on its website.

The Trump administration ended an exemption known as “de minimus,” which allowed goods valued less than $800 to enter the U.S. without paying duties.

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Fashion brand Temu is pushing its locally made products after the Trump administration cracked down on a lucrative trade loophole. (CFOTO/Future Publishing via Getty Images/File)

The de minimus rule helped Temu offer the U.S. suspiciously low-cost goods like $5 sneakers and $6 knockoff AirPods.

Singapore-based, China-founded fast fashion brand Shein has adopted a similar strategy, and it now has a growing U.S.-based workforce of 1,500 and is increasingly relying on warehouses in California and Indiana.

This month, Shein opened a Seattle hub for U.S. fulfillment and logistics operations as it seeks to localize deliveries.

Meanwhile, Chinese quartz company Sunfat Marble and Granite put out a pro-Trump news release promising “intentions for a historic investment into America, with a commitment to create tens of thousand (sic) new American jobs, including construction of new manufacturing facilities across the heartland of the U.S., with an investment totaling $250 million.”

“With President Trump in power, we’re more excited than ever to commit to the United States,” the company said in a release seen by Fox Business.

“We understand Americans are skeptical of Chinese companies and concerned about foreign investment. It’s why we are also announcing a commitment to only hire American workers. There will be no H1-B visas. There will be no undercutting of American wages.”

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China’s CATL may look to build a plant in the U.S. (REUTERS/Jake Spring/File)

On Monday, Trump slapped 25% tariffs on all steel and aluminum imports, which came one week after Trump imposed a 10% tariff on all Chinese goods.

CATL, the world’s top battery maker, has said it will consider building a U.S. plant if Trump opens the door to Chinese investment in the American electric vehicle supply chain.

“Originally, when we wanted to invest in the U.S., the U.S. government said no,” CATL founder Robin Zeng told Reuters. “For me, I’m really open-minded.”

China’s EV and battery firms are heavily subsidized by the CCP and face some of the steepest trade restrictions due to competition and national security concerns. Chinese EV imports are slapped with a 100% tariff, an effective ban.

Trump says Xi Jinping, China’s president, knows where he stands when it comes to tariffs. (Ton Molina/Bloomberg via Getty Images/File)

It’s not clear how many of the Chinese-based efforts to build U.S.-based supply chains will be successful, and they pose a risk of furthering CCP intellectual theft by allowing such companies to do business here.

This week, Rep. Abe Hamadeh, R-Ariz., wrote a letter to the CEO of a Chinese battery company that operates in California, Stored Power Tech Technology Systems Inc., demanding to know more about its rumored links to China Shipbuilding Corp. (Fangfen), an entity controlled by the CCP. The company touts its ties to Fangfen on its LinkedIn page.

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“If these allegations are confirmed, the relationship would blatantly violate U.S. law,” said Hamadeh. “The notion of a Chinese state-controlled enterprise penetrating the U.S. battery industry, especially with potential ties to the Chinese military, is a grave threat.”

February 14, 2025
Goldman Sachs will no longer ban companies with all White boards from IPO services

Anton Schutz of RMB Mendon Financial Services on Goldman Sachs kicking off earnings season with strong numbers and his outlook for Bank of America and regional banks.

Goldman Sachs has lifted its ban on companies with all White or all male boards from receiving initial public offerings services, marking it one of the biggest Wall Street firms to do an about-face on DEI.

The ban, first instituted in 2020, stipulated that the investment bank would not take a company public in the U.S. or Western Europe unless it had one non-White board member and one female board member.

Goldman issued the ban as DEI swept much of Wall Street and corporate America during the nation-wide racial turmoil and riots sparked by the death of George Floyd at the hands of police officer Derek Chauvin.

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Goldman Sachs has dropped its ban on companies with all-White boards receiving IPO services. (Thiago Prudencio/SOPA Images/LightRocket via Getty Images / Getty Images)

“As a result of legal developments related to board diversity requirements, we ended our formal board diversity policy. We continue to believe that successful boards benefit from diverse backgrounds and perspectives, and we will encourage them to take this approach.” Goldman Sachs spokesperson Tony Fratto said in a statement.

The Wall Street titan will continue to source diverse candidates for its clients’ boards when requested, a spokesperson said.

Goldman’s move comes amid a changing legal landscape which has seen the courts and the Trump administration take an aggressive posture towards DEI measures.

A nearly identical 2022 Nasdaq rule that required companies listed on the exchange to either have one female director and one director who identified as an underrepresented minority/LGBTQ, or explain why the board didn’t meet these requirements, was struck down by a federal appeals court in 2022.

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Jamie Dimon defended his bank’s DEI practices at a Davos interview. (Victor J. Blue/Bloomberg via Getty Images / Getty Images)

Goldman’s turn away from DEI comes as other Wall Street outfits have dug in their heels. JPMorgan Chase CEO Jamie Dimon told CNBC “bring them on” at a Jan. Davos interview when asked about anti-DEI investors targeting his bank. Dimon went on to say that he supports the approach his bank has taken on diversity issues, but will course correct when necessary.

“We are going to continue to reach out to the Black community, Hispanic community, the LGBT community, the veterans community. We have a special program, a disabled second chance initiative. And wherever I go, red states, blue states, green states, mayors, governors, and they say they like what we do,” he said.

Trump has been rooting out DEI from the federal government. ( Chip Somodevilla/Getty Images / Getty Images)

JPMorgan has also set up a “war room” to analyze new Trump policies as the president issues a flurry of executive orders purging DEI from the federal government and private businesses and other regulations.

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“At JPMorgan, we have a war room set up to analyze and evaluate each and every one of these, so they’ve been up all night and are working on it,” Mary Erdoes, CEO of JPMorganChase’s Asset & Wealth Management line of business, said at the Davos World Economic Forum in January.

February 13, 2025
Rs 60000 crore earnings, 5 days, 2 companies, not Reliance of Mukesh Ambani, Gautam Adani’s company, Infosys, TCS, they are….

Mukesh Ambani-led Reliance Industries is the most-valued domestic firm followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, ITC, and Bajaj Finance.

Representational Image/AI-generated

Sunil Mittal-led Bharti Airtel and HDFC Bank emerged as the biggest gainers at the stock market as the combined market valuation of the country’s top-10 most valued firms surged Rs 1,18,151.75 last week, in line with firm trend in equities, as the BSE benchmark climbed 354.23 points, or 0.45 percent, while the Nifty surged by 77.8 points, or 0.33 percent.

According to market data, the market capitalization (mcap) of HDFC Bank jumped Rs 32,639.98 crore to Rs 13,25,090.58 crore, while Bharti Airtel added Rs 31,003.44 crore taking its valuation to Rs 9,56,205.34 crore.

Apart from HDFC Bank and Bharti Airtel, Mukesh Ambani-led Reliance Industries Ltd (RIL), and ICICI Bank, Bajaj Finance, and Narayana Murthy’s Infosys, were also among the gainers from the 10-most valued firms. In contrast, Tata Consultancy Services (TCS), State Bank of India, Hindustan Unilever, and ITC faced erosion from their valuation, losing a combined Rs 1.15 lakh crore in mcap.

The Mcap of Bajaj Finance surged Rs 29,032.08 crore to Rs 5,24,312.82 crore and that of Infosys rallied Rs 21,114.32 crore to Rs 7,90,074.08 crore, while the valuation of Reliance Industries climbed Rs 2,977.12 crore to Rs 17,14,348.66 crore and that of ICICI Bank went up Rs 1,384.81 crore to Rs 8,87,632.56 crore.

Meanwhile, the market valuation of ITC tanked Rs 39,474.45 crore to Rs 5,39,129.60 crore, while Hindustan Unilever tumbled Rs 33,704.89 crore to Rs 5,55,361.14 crore. The mcap of State Bank of India declined Rs 25,926.02 crore to Rs 6,57,789.12 crore and that of TCS dipped Rs 16,064.31 crore to Rs 14,57,854.09

Notably, Mukesh Ambani-led Reliance Industries is the most-valued domestic firm followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, ITC, and Bajaj Finance.

(With PTI inputs)

February 9, 2025
New York ‘polluters pay’ law backcharging oil, gas companies faces Republican AGs’ lawsuit: ‘Devastating’

FIRST ON FOX: In one of his first major moves, newly-elected West Virginia Attorney General J.B. McCuskey is suing New York over the state’s new “devastating” law that retroactively charges energy companies billions of dollars for pollution from 2000 to 2018.

“This bill is an attempt by New York to step into the shoes of the federal government to regulate something that they have absolutely no business regulating, and we are more than happy to step in and tell the rest of the country, along with our incredible other state partners, that this is unconstitutional and it won’t stand,” McCuskey told Fox News Digital in an interview.

The lawsuit alleges the law signed by Gov. Kathy Hochul, known as the Climate Change Superfund Act, unfairly targets traditional energy producers—regardless of whether they operate in New York—by imposing massive financial liabilities.

“These energy choices—and the benefits that come with them—entail necessary tradeoffs. All energy use, including energy deriving from ‘renewable’ sources, creates some pollution,” the 59-page lawsuit reads. “Traditional energy is no different.”

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Recently-elected West Virginia Attorney General J.B. McCuskey is filing a multi-state lawsuit against New York State Gov. Kathy Hochul over its controversial polluter’s pay bill. (Getty Images)

According to the complaint, the burden of these costs won’t fall on New York consumers but will instead be forced onto producers and consumers in other states. The suit also alleges that New York is using these funds to subsidize its own infrastructure projects, such as a new sewer system in New York City, that have been damaged by extreme weather events.

The lawsuit, filed in the U.S. District Court for the Northern District of New York Albany Division, cites New York AG Letitia James, Sean Mahar, the Interim Commissioner of the New York State Department of Environmental Conservation and Amanda Hiller, the Acting Tax Commissioner of the New York State Department of Taxation and Finance.

“When you live in the real world, like I do, and you live in a place like West Virginia, where the values of the people indicate that we pay our bills, we’re humble, we’re modest, and we’re respectful of the people around us,” McCuskey said. “These kind of things hit us a lot harder. And so, you know, this is really a fight between the the elites and the people that make this country run on the back end.”

Attorneys general for Alabama, Arkansas, Georgia, Idaho, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, North Dakota, Ohio, Oklahoma, South Carolina, Texas, Utah and Wyoming also joined the lawsuit. The West Virginia Coal Association, the Gas and Oil Association of West Virginia and the Alpha Metallurgical Resources, Inc., are also joining the complaint.

The bill, first introduced under the Biden administration, is a “landmark legislation shifts the cost of climate adaptation from everyday New Yorkers to the fossil fuel companies most responsible for the pollution,” according to the governor’s December 2024 press release.

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President Donald Trump enacts major reforms aimed at increasing American energy independence. (Getty Images)

“By ensuring those responsible for historic climate-altering emissions bear the costs of the significant health, environmental, and economic impacts already being passed on to New Yorkers, this law will complement the State’s efforts to reduce greenhouse gas emissions, help communities adapt to the climate-driven impacts experienced today, and leverage the significant investments the Governor is making in climate resilience,” Mahar, the state’s Environmental Conservation Interim Commissioner said in the press release.

The law mandates that fossil fuel companies collectively contribute $75 billion over the next 25 years into a dedicated “superfund” that would then help rebuild climate change-induced infrastructure damage.

“This liability could be devastating to traditional energy producers,” the lawsuit states. “Indeed, the ruinous liability that the Act promises—especially when paired with similar efforts that might arise in other States—could force coal, oil, and natural gas producers to shutter altogether.”

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DCOR LLC’s Edith offshore oil and gas platform, right, and Beta Operating Company LLC’s Eureka oil and gas platform stand in the Beta Field off the coast of Long Beach, California, U.S., on Tuesday, May 18, 2010. Photographer: Tim Rue/Bloomberg via Getty Images (Tim Rue)

In total, 38 firms – including American oil giants Exxon and Chevron, the UK’s Shell and BP, and Brazil’s Petrobras – categorized as “carbon polluters” could be on the receiving end of hefty bills, Fox News Digital previously reported.

New York’s effort to hold energy producers accountable comes at a time when the Trump administration is moving in the opposite direction, rolling back climate commitments through a recent executive order.

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Trump signed two executive orders last month dramatically reshaping U.S. energy and environmental policy from the Biden administration’s priorities. The “Unleashing American Energy” order aims to boost domestic fossil fuel production by cutting regulations and expediting permits for oil, gas, and coal projects. Meanwhile, “Putting America First in International Environmental Agreements” withdraws the U.S. from global climate commitments, including the Paris Agreement, and halts funding for international climate initiatives. This is the second time under a Trump presidency that the U.S. has exited the Paris Agreement.

Fox News Digital has reached out to the New York governor’s, attorney general’s, and acting tax commissioner’s offices as well as the New York State Department of Environmental Conservation for comment.

Jamie Joseph is a writer who covers politics. She leads Fox News Digital coverage of the Senate.

February 6, 2025
NJ lawsuit claiming oil companies cause climate change dealt massive blow in court

The climate change movement was issued a massive blow on Wednesday after a trial judge permanently closed a Democrat-charged lawsuit claiming that big oil was to blame for climate-caused damages in the state.

In 2022, New Jersey Attorney General Matthew Platkin filed a lawsuit against the country’s largest oil companies, ExxonMobil, Chevron, ConocoPhillips, Phillips 66, Shell, as well as the American Petroleum Institute, claiming that the fossil fuel industry was worsening the effects of climate change, and therefore, causing damage to the state.

However, the case was tossed out on Wednesday by New Jersey Superior Court Judge Douglas Hurd, who ruled that lawful oil companies could not be held liable for worldwide emissions. The case was dismissed with prejudice, meaning it cannot be reopened.

“Plaintiffs seek to regulate the nationwide—and even worldwide—marketing and distribution of lawful products on which billions of people outside of New Jersey rely to heat their homes, power their hospitals and schools, produce and transport their food, and manufacture countless items essential to the safety, wellbeing, and advancement of modern society,” said Hurd, who issued the ruling.

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The Chevron logo is displayed at a Chevron gas station in Los Angeles, California. (Mario Tama)

Hurd said that the plaintiffs could not justly claim damages caused by nationwide emissions.

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“Because Plaintiffs seek damages for alleged harms caused by interstate and international emissions and global warming, their claims cannot be governed by state law. Under our federal constitutional system, states cannot use their laws to resolve claims seeking redress for injuries allegedly caused by out-of-state and worldwide emissions,” Hurd said in the decision.

NJ AG Matthew Platkin sued big oil on claims that they were causing climate change. (Getty Images)

Energy experts told Fox News Digital that the dismissal sends a clear message that “energy policy should be set by elected officials, not litigated into existence by activist lawyers.”

“This ruling is a major victory for common sense and the rule of law. Climate activists have been using the courts to push their radical agenda, but judges are increasingly rejecting these baseless lawsuits that threaten energy security and economic stability,” Jason Isaac, CEO of the American Energy Institute and former Texas representative, said in a statement shared with Fox News Digital.

An Exxon gas station is seen on Aug. 5, 2024 in Austin, Texas. (Brandon Bell/Getty Images)

Steve Milloy, senior fellow at the Energy & Environment Legal Institute and former Trump EPA transition team member, said that similar lawsuits could face the same fate because “the climate controversy is a political, not a legal one.”

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“Although Democrats don’t really understand this, political issues are on the ballot box, not the courtroom,” Milloy said.

Fox News Digital reached out to Platkin’s office for comment.

Aubrie Spady is a Writer for Fox News Digital.

February 5, 2025
Waffle House, other companies add egg surcharge amid shortage

Cameron Mitchell Restaurants founder and CEO Cameron Mitchell unpacks the impact of the the disease on the cost of goods on ‘The Claman Countdown.’

Consumers are not only feeling the effects of high egg prices at the grocery store. Now, they’re facing surcharges at restaurants.

Ongoing outbreaks of highly pathogenic avian influenza (HPAI) “is making eggs as expensive for restaurants as they are for consumers, according to National Restaurant Association Executive Vice President of Public Affairs Sean Kennedy, who noted that the “price increase is especially hard for breakfast-focused restaurants to manage.”

A prime example is the Waffle House, a Southern breakfast food chain Waffle House that implemented a temporary .50 per egg surcharge to all of its menus on Monday.

The company blamed the ongoing egg shortage caused by highly pathogenic avian influenza (HPAI) — or bird flu — for the dramatic increase in egg prices, saying that “consumers and restaurants are being forced to make difficult decisions.”

EGG PRICES AREN’T COMING DOWN ANYTIME SOON, EXPERTS SAY

In an aerial view, a Waffle House restaurant on July 30, 2024 in Miami Gardens, Florida. ( Joe Raedle/Getty Images / Getty Images)

Experts have long warned that egg prices are likely to remain high as outbreaks of HPAI — or bird flu — continue to impact the U.S. laying hen flock, leading to higher prices in stores. The U.S. Department of Agriculture (USDA) has predicted that egg prices, which can vary significantly from month to month, will increase by more than 20% by 2025.

According to the USDA, prices were 36.8% higher in December 2024 than a year earlier, but they were still below peak prices in January 2023.

Waffle House said, “Rather than increasing prices across the menu, this is a temporary targeted surcharge tied to the unprecedented rise in egg prices,” the company said, adding that eggs will remain a key ingredient in its menu.

A customer shops for eggs in a Kroger grocery store on August 15, 2022 in Houston, Texas. (Photo by Brandon Bell/Getty Images / Getty Images)

With more than 1,900 locations in 25 states, predominantly in the Midwest and the South, the company said it hopes “these price fluctuations will be short-lived” but that it cannot predict how long this shortage will last.

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It plans to monitor egg prices, and “will adjust or remove the surcharge as market conditions allow.”

Roosters roam on a farm on Jan. 23, 2023 in Austin, Texas. (Brandon Bell/Getty Images / Getty Images)

Kennedy noted that when shortages arise, operators will collaborate closely with their food suppliers to assess the impact, and subsequently, they will explore various options to mitigate the financial repercussions. This may involve altering their menus and raising prices. Kennedy also mentioned that the association is assisting operators in navigating this situation.

Eric See, the owner and chef of the New York-based Mexican café and bakery, Ursula, told FOX Business that the prices of whole eggs have doubled, while the cost of liquid eggs has risen by about 25%.

The other issue, according to See, is that eggs are hard to come by. “Availability is another issue, they arent always in stock,” said See.

Large amount of Cage Free eggs at Costco store, Florida. (Photo by: Lindsey Nicholson/UCG/Universal Images Group via Getty Images / Getty Images)

James Wong, co-owner of the San Francisco bakery Breadbelly, told Eater that his prices have surged by 150% over the past four months as a result of the nationwide outbreaks.

Wong said the bakery, which sells breakfast sandwiches, may be forced to cut back on menu items since sourcing the right size of eggs has proven difficult as well.

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“If we can’t get the right size egg, then it’s a different product for the customer,” he told the outlet.

FOX Business’ Kristen Altus contributed to this report.

February 5, 2025
Major companies sticking with DEI programs despite pressure

Rep. Cory Mills, R-Fla., reacts to Pete Hegseth’s push to end DEI programs and initiatives in the military as well as discusses President Trump’s border agenda.

A slew of American companies have scaled back their diversity, equity and inclusion (DEI) initiatives over the past year amid pressure from activists and concerns over legal risks, but many are standing firm despite pushback.

Significant brands such as Walmart, McDonald’s, Amazon, Ford and Lowe’s have all begun rolling back DEI initiatives in response to a cultural shift that included customer backlash, pressure from conservative-leaning groups and activists, and possible legal ramifications.

President Trump made promises during the campaign to scale back federal DEI programs. In his first week back in office, Trump signed an executive order ending DEI offices and initiatives across the federal workforce.

President Donald Trump speaks about the mid-air crash between American Airlines flight 5342 and a military helicopter in Washington, in the Brady Press Briefing Room at the White House on January 30, 2025 in Washington, DC. (Roberto Schmidt/AFP via Getty Images / Getty Images)

Trump even slammed DEI initiatives at the FAA during a press conference related to the deadly mid-air collision between an American Airlines passenger jet and a US Army Black Hawk helicopter over the Potomac River near Reagan National Airport in Arlington, Virginia.

All 64 passengers aboard the plane and the three crew members aboard the helicopter were killed.

With the investigation at such an early stage, information publicly available at this time does not suggest DEI initiatives at the FAA played any part in the crash. Still, it didn’t stop the president from signing a memorandum to end diversity, equity and inclusion (DEI) practices in the aviation sector.

WHAT CAUSED THE REVOLT AGAINST DEI IN AMERICA?

Despite the rollback put in place by a number of companies and the political pressure under President Trump, some companies are holding fast and maintaining their DEI policies.

Here are 5 of the biggest companies that have doubled down on DEI:

Apple

Ticker Security Last Change Change %

AAPL APPLE INC. 237.59 -1.77 -0.74%

In a proxy filing ahead of Apple’s upcoming annual meeting, the company’s board of directors urged shareholders to reject a proposal that would require the company to end its DEI programs, arguing the move would be “unnecessary.”

TARGET FACING RETRIBUTION AT HOME FOR ROLLING BACK DEI INITIATIVES

Costco

Customers enter a Costco Wholesale Corp. warehouse store in Hawthorne, California, on June 12, 2024. (PATRICK T. FALLON/AFP via Getty Images / Getty Images)

Ticker Security Last Change Change %

COST COSTCO WHOLESALE CORP. 979.01 +14.99 +1.55%

Costco’s board of directors came out unanimously against a proposal calling for a report on the risks associated with keeping its DEI efforts in place, and shareholders overwhelmingly rejected the measure.

Goldman Sachs

A sign is displayed in the reception of Goldman Sachs in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File Photo (REUTERS/David Gray/File Photo / Reuters Photos)

Ticker Security Last Change Change %

GS THE GOLDMAN SACHS GROUP INC. 645.42 +8.08 +1.27%

Goldman Sachs Group, Inc.

The Wall Street Journal reported that in response to being targeted by anti-DEI proposals from activist shareholders, “A Goldman spokeswoman said the bank strongly believes that organizations benefit from diverse perspectives and that it is committed to operating its programs and policies in compliance with the law.”

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Goldman Sachs CEO David Solomon said in a CNBC interview from the World Economic Forum that the bank will “continue to stay focused on talking to our clients and doing the things we’ve always done.”

“They think about decarbonization, they think about climate transition,” he said. “They think about their businesses, how they find talent, the diversity of the talent they find all over the world.”

JPMorgan Chase

The JPMorgan Chase logo is seen at their headquarters building on May 26, 2023 in New York City. ( Michael M. Santiago/Getty Images / Getty Images)

Ticker Security Last Change Change %

JPM JPMORGAN CHASE & CO. 268.23 +1.65 +0.62%

JPMorgan Chase CEO Jamie Dimon also defended his bank’s DEI programs in a separate CNBC interview from the WEF.

When asked about the anti-DEI push, Dimon said, “Bring them on,” adding, “We’re going to continue to reach out to the Black community, the Hispanic community, the LGBT community, the veterans community…”

Microsoft

Ticker Security Last Change Change %

MSFT MICROSOFT CORP. 414.99 -27.34 -6.18%

Microsoft doubled down on its commitment to DEI in its diversity and inclusion report in October, with Chief Diversity Officer Lindsay-Rae McIntyre writing “We continue to believe it’s the business of Microsoft to be diverse and inclusive so we can build products, services, and a workforce that empowers the world.”

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McIntyre reiterated in a blog post last month that “Microsoft’s diversity and inclusion work is more important than ever.”

January 31, 2025