UBS latest bank to tone down diversity in annual report

Banks and other companies fear a US backlash for promoting diversity. Keystone / Gaetan Bally

Swiss bank UBS’s annual report no longer refers to a key sustainability term that has come under attack from the Trump administration, indicating how the backlash is impacting European firms.

+ Get the most important news from Switzerland in your inbox

The Swiss bank’s 2024 sustainability and annual reports, published Monday, omit references to “DE&I,” which stands for diversity, equity and inclusion. The previous year’s reports mentioned that term 21 times, which was already a decline from a peak in the 2022 filings.

The UBS case adds to evidence that European banks are increasingly affected by a growing global movement against diversity initiatives, particularly in the United States.

+ Read about the fight between UBS and Swiss regulators

Spanish lender Banco Santander has said it may choose to partly sever a previous link between diversity and some bonuses, while ING has highlighted negative attitudes toward sustainability and diversity measures as a business risk.

“We are subject to separate, and sometimes conflicting, ESG regulations,” UBS said in the legal risks section of its latest annual report. “For example, in certain jurisdictions, we are required to set diversity targets or other ESG-related goals that are considered illegal or contrary to regulatory expectations in other jurisdictions.”

The campaign in the US under President Donald Trump’s administration has already caused several US financial institutions to retreat from DEI efforts.

“In every location in which we operate, we continue to act in accordance with the current law and regulations and will monitor any changes to ensure to remain consistent,” a UBS representative said in a statement to Bloomberg News when asked about the changes in the reports. 

“We have a diverse workforce with a variety of skills, experiences and backgrounds,” the representative added. The bank will “continue to recruit, develop and promote a diverse employee base with meritocracy at the forefront of any decision we make.”

©2025 Bloomberg L.P.