BlackRock’s senior leadership sent a company-wide email on Friday morning explaining its shift away from Diversity, equity, and inclusion policies it previously advocated for as corporations across the country continue to drop DEI.
“Delivering for clients requires attracting the best people from across the world,” BlackRock CEO Larry Fink said in a memo to employees Friday morning in a letter also signed by the asset management giant’s President Robert Kapito and Global Head of Human Resources Caroline Heller.
“We are committed to creating a culture that welcomes diverse people and perspectives to foster creative solutions and avoid groupthink. These values have been fundamental to our One BlackRock culture since our founding 37 years ago.”
The email goes on to discuss the recent number of “significant changes to the U.S. legal and policy environment related to Diversity, Equity and Inclusion (DEI) that apply to many companies, including BlackRock.”
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“In light of this, we are conducting an ongoing review of our global practices and announcing several changes today,” the email states.
The top executives explained that they will not be renewing their representation goals in the workforce that expired in 2024, while pointing out that the company will continue “welcoming diverse talent” worldwide without requiring managers to interview a diverse roster of candidates for open positions.
The company announced that it is still committed to its core principles that have brought success and that it will be combining its Talent Management and DEI teams to form a new team called the global Talent and Culture team. That team will be co-led by Nick Avery and Michelle Gadsden-Williams.
“Our employee networks, which are open to all employees and to which over 90% of employees belong, will continue to serve as important resources for our colleagues,” the email explains.
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“Last year, we welcomed more than 3,000 new colleagues and we are adding many more in 2025. Our connected and inclusive culture is imperative to achieving our commercial objectives and delivering performance for our clients.”
The email closes by saying the company will “adapt” as the law changes but the company culture, which is described as their “competitive advantage” will remain “proudly BlackRock” and finished the email by saying, “Our results speak for themselves.”
The email comes shortly after the Wall Street Journal first reported that the company is dropping DEI from its annual report, joining a list of companies like McDonald’s, Ford, and Walmart who have announced similar measures.
Barron’s, in an article titled “BlackRock Cuts Back on Board Diversity Push in Proxy-Vote Guidelines”, reported in December that BlackRock relaxed the language it provides to companies on DEI as guidelines to fill board positions while moving away from an ESG-linked credit facility that promoted meeting certain diversity targets.
In years past, BlackRock has faced criticism from conservatives over its promotion of DEI.
“Just as we ask of other companies, we have a long-term strategy aimed at improving diversity, equity and inclusion at BlackRock,” Fink told shareholders in a letter in 2021. “To truly drive change, we must embed DEI into everything we do.”
In its 2023 annual report, BlackRock had a section focused on DEI and said that it “believes a diverse workforce with an inclusive and connected culture is a commercial imperative and indispensable to its success. Ultimately, a dynamic, inclusive organization allows BlackRock to attract and retain top talent around the world and to stay ahead of its clients’ needs.”
BlackRock’s annual report from 2023 also referenced how the firm’s “three pillar DEI strategy is aligned with the firm’s business priorities and long-term objectives.” It also included data about the self-identified gender and racial demographics of the company’s workforce, along with a geographic breakdown.
The latest annual report omits the gender and racial demographics and only includes a geographic breakdown.
Last month, President Donald Trump signed an executive order that instructed federal agencies to investigate corporate DEI programs on the grounds of potential civil rights violations.
Fox Business’ Eric Revell contributed to this report
