JPMorgan is revamping its diversity programs and updating terminology.

JPMorgan Chase (NYSE:JPM) is revamping its Diversity, Equity, and Inclusion (DEI) programs by changing the terminology used to define them. According to Reuters, these modifications outlined in an internal memorandum are part of an effort to remain aligned with market trends and regulatory changes. The bank is specifically replacing the term "equity" with "opportunity," rebranding the initiative as the Diversity, Opportunity, and Inclusion (DOI) program.

Jenn Piepszak, JPMorgan Chase's Chief Operating Officer, explained that the 'e' in the original DEI acronym was always intended to represent equal opportunity rather than equal outcomes. She noted that the new term more accurately reflects the bank's strategy to enhance customer reach, create an inclusive work environment, and improve access to opportunities. The DOI organization will continue to report to Thelma Ferguson, while some previously managed diversity programs will now be integrated into various business sectors, including human resources and corporate responsibility.