BlackRock’s leadership team sent an internal email on Friday outlining the company’s shift away from its previously emphasized Diversity, Equity, and Inclusion (DEI) policies. This comes as more companies across the U.S. move away from DEI initiatives.

“We believe delivering for clients requires attracting the best talent from all backgrounds,” said BlackRock CEO Larry Fink in the memo, which was also signed by President Robert Kapito and Global Head of Human Resources Caroline Heller. “Our culture has always valued diversity of thought and perspective, and these principles have been key to BlackRock’s success since its founding 37 years ago.”

The email addressed recent changes to the legal and policy landscape surrounding DEI in the U.S. and emphasized BlackRock’s ongoing review of its global practices. As a result, the company announced several important changes to its DEI approach.

One of the key shifts includes not renewing the workforce representation goals that expired in 2024. While BlackRock will still focus on hiring diverse talent globally, managers will no longer be required to interview a diverse pool of candidates for every open position.

The company clarified that its commitment to its core values remains strong. In a move to streamline operations, BlackRock is merging its Talent Management and DEI teams into a single unit called the Global Talent and Culture Team, which will be co-led by Nick Avery and Michelle Gadsden-Williams.

“Our employee networks, which 90% of our employees participate in, will continue to provide essential support and resources,” the email stated. “In 2024, we plan to welcome more than 3,000 new team members, contributing to our connected, inclusive culture that supports our business goals.”

The email concluded with reassurance that BlackRock will adapt to evolving legal requirements, but its corporate culture—described as a “competitive advantage”—will remain unchanged, proud of its unique approach to business. “Our results speak for themselves,” the message read.

This announcement follows a recent report by the Wall Street Journal revealing that BlackRock has removed DEI from its annual report, joining companies like McDonald’s, Ford, and Walmart in scaling back DEI commitments. Additionally, Barron’s reported in December that BlackRock had eased its DEI language in board guidelines and distanced itself from an ESG-linked credit facility that tied diversity targets to financial incentives.

In previous years, BlackRock faced criticism from conservative groups over its strong DEI stance. In 2021, Fink wrote to shareholders, saying, “To drive real change, we must integrate DEI into everything we do.”

Despite the recent shift, BlackRock remains focused on attracting top talent and believes that a diverse and inclusive workforce is critical to staying ahead of client needs. The 2023 annual report, which omitted demographic data but included geographic breakdowns, reiterated BlackRock’s view that a dynamic, inclusive culture is essential to the company’s success.

This change follows recent actions from the U.S. government, with President Donald Trump’s executive order calling for investigations into corporate DEI programs, raising concerns about potential civil rights violations.

BlackRock’s shift in DEI policy marks a significant change in its approach to diversity and inclusion, reflecting broader trends among major corporations revising their diversity initiatives in response to legal, political, and social shifts.