Barclays is scrapping its targets for
The London-based bank will continue to try to achieve targets it set for gender and underrepresented ethnicities in the U.K. and at the firmwide level for now, according to a memo to staff seen by Bloomberg.
"We remain committed to a culture which values inclusiveness and equality of opportunity across Barclays," a spokesperson said in an emailed statement.
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With the move, Barclays is joining a slew of companies that have cut back on diversity initiatives in the wake of U.S. President Trump's executive order banning diversity efforts at federal contractors. Many large businesses started reexamining their diversity programs after the Supreme Court threw out affirmative action in university admissions in June 2023.
"The group executive committee has been carefully considering the changed environment in the U.S.," Chief Executive Officer C.S. Venkatakrishnan said in the memo to staff. "As a global organization, we have always complied with the local requirements in the jurisdictions in which we have operated. In doing so, we have remained faithful to our workplace culture."
Previously, Barclays had vowed to improve the share of women in managing director and director roles globally to 33% by the end of this year. The company was also looking to boost the number of managing directors from underrepresented ethnicities by at least 50% by then.
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At the end of last year, Venkatakrishnan tasked Natalie Hattrell with reviewing the bank's approach to diversity, equity and inclusion, the team she was leading at the firm. That work is ongoing and Hattrell is examining firmwide diversity targets as part of that, according to the memo.
Barclays is also renaming Hattrell's team as Group Inclusion and Opportunity.
