There was a certain word missing from JPMorgan CEO Jamie Dimon’s annual letter to shareholders: diversity.
His yearly missive, which is closely watched in the world of finance and investments, dropped Monday and was largely focused on the uncertainty facing the world in 2025.
What it didn’t discuss directly, however, was diversity, equity, and inclusion.
Last year, Dimon’s letter mentioned “diversity” five times, but this year it didn’t appear once. Neither did “inclusion.”
DEI initiatives have been under fire in recent months. Since President Donald Trump took office, more companies have rolled back their DEI programs.
In January, Dimon voiced his continued support for the bank’s DEI work, defending it against anti-diversity activists who appeared to be targeting it. Two months later, JPMorgan renamed its program to “Diversity, Opportunity & Inclusion (DOI),” according to an internal memo seen by Business Insider.
In Dimon’s Monday letter to shareholders, he used the phrase “equal opportunity” numerous times and cited one of America’s founding ideals, that it is a nation “conceived in liberty and dedicated to the proposition that all men are created equal. “
“Our values transcend any political stance — libertarian, conservative, progressive, Democrat or Republican. We need to believe in ourselves and get back to work (in the office!), not tear each other down,” he wrote.
Changes from 2024’s letter
In addition to frequent mentions of diversity, 2024’s letter featured a subheading that read “our extensive community outreach efforts, including diversity, equity and inclusion” under an “update on specific issues facing our company” chapter.
“We believe — and we are unashamed about this — that it is our obligation to help lift up the communities and countries in which we do business,” Dimon wrote last year.
Dimon then listed 12 initiatives led by JPMorgan to reach that goal, including “Women on the Move,” an organization that empowers women in their careers; “Advancing Black Pathways,” a program that supports Black Americans; and “Entrepreneurs of Color,” a lending program for small business owners.
None of these programs were specifically mentioned in 2025’s letter, and just one paragraph directly mentioned Black, Hispanic, and Latino communities.
“We expanded our $5,000 Chase Homebuyer Grant program to include more than 15,000 majority Black, Hispanic, and Latino communities (where the grant is available to all),” it said.
The letter added that Chase operates 19 community centers and branches that are “often located in areas with larger Black, Hispanic or Latino populations” as part of the bank’s localized investments initiative.
Asked for comment, JPMorgan directed BI to a letter to clients from COO Jennifer Piepszak in which she emphasized the bank’s “belief in the power of a diverse workforce.”
