Macquarie Bank waters down diversity, equity and inclusion language after Donald Trump implements anti-woke agenda
The US President swept into office and signed an executive order 'terminating radical DEI preferencing in federal contracting and directing federal agencies to relentlessly combat private sector discrimination'.
Macquarie Bank, an ASX-listed investment banking group headquartered in Sydney with operations in the US, has since watered down its DEI language as some major companies back away from the practices.
In its report for the year ended March 31 2025, Macquarie has consolidated its DEI objectives under its sustainability section and does not mention the phrase 'diversity, equity and inclusion' at any point.
Macquarie's report for the 12 months up to March 31 2024, in comparison, has its own four-page DEI section.
The 2025 report also omits specific references to some DEI efforts by the bank in the US that it had outlined in its 2024 report.
'In the US, we offered targeted leadership development programs for Black, Latinx and Asian talent to accelerate their careers and implement strategies to increase contribution and personal growth,' Macquarie said in its 2024 report.
Macquarie also outlined 24 partnerships with non-profits it established to bolster its DEI efforts in this report, however, this is not present in the 2025 report.
Despite this, there are references to Macquarie's 'Reconciliation Action Plan' and discussions of gender equity in terms of female pay and representation in both reports.
Macquarie's 2024 report has a brief section noting the bank has 'been recognised by external community partners as a leading LGBTQ+ inclusive organisation' and referenced its 'perfect score' on the Human Rights Campaign's Corporate Equality Index in the US.
However, the 2025 report fails to mention this or give any details regarding LGBTQ+ workers at Macquarie.
While Macquarie has eased back on language associated with DEI, the bank's CEO Shemara Wikramanayake stressed the company aims to build diverse teams to reflect the communities it serves in the recent report.
'Our approach has always been, and we remain committed to, fostering an inclusive culture that welcomes a range of ideas and perspectives, values the contributions of all of our people, and which empowers individuals to deliver to their greatest potential,' Ms Wikramanayake wrote in her note to shareholders.
It also mentioned the importance of diversity on its board and noted the company's 'Workforce Diversity Policy' which defines Macquarie's 'diversity commitment'.
According to the 2025 report, the company's board remuneration committee receives reporting on the commitment annually and covers under-represented groups at Macquarie, including women across senior leadership levels.
The softening of DEI language by Macquarie comes after some major companies began rolling back these practices after the US President's inauguration.
Google scrapped plans for hiring targets it established in 2020 in the wake of the killing of George Floyd.
Its parent company Alphabet removed any mentions of diversity in its annual report released in February and scrapped a commitment to DEI initiatives which have appeared in every report between 2021 and 2024.
McDonald's US head office has backed down from its DEI initiatives, however its Australian branches did not follow suit.
Trump's anti-DEI agenda and his 2024 election win was cited as a 'cultural tipping point' by Meta boss Mark Zuckerberg when he announced plans to abolish 'biased' fact-checking on his social media platforms.
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