BlackRock removed DEI mentions from its annual report amid political pressure.
The asset manager has faced criticism from Republicans for being too "woke."
Here's how BlackRock has tried to distance itself from the themes it once championed.
Many big American companies have been quick to respond to President Donald Trump's pushback on DEI, but none of their steps carry more symbolic weight than a retreat by BlackRock, the world's largest asset manager.
An early advocate of diversity, equity, and inclusion, BlackRock has removed all mention of the strategy from its latest annual report. The asset manager and its CEO, Larry Fink, have over the years become targets for Republicans who claim the firm is too "woke."
What was the DEI section in the asset manager's last report has now been reframed as "connectivity and inclusivity" in the Tuesday filing. Last year, it said that it believed "a diverse workforce with an inclusive and connected culture is a commercial imperative and indispensable to its success."
This year it avoided mentioning the acronym or a diverse workforce, just "diverse perspectives."
When reached for comment, a BlackRock spokesman referred to the new paragraph in its annual report that said the firm's approach to "building a connected and inclusive culture is aligned with the firm's business priorities and long-term objectives. Delivering for the firm's clients requires attracting the best people from across the world.
"BlackRock is committed to creating an environment that supports top talent and fosters diverse perspectives to avoid groupthink."
BlackRock has also removed references to a three-pillar strategy, which included phrasing around cultivating a work environment where employees felt "seen, heard, valued, and respected."
The firm left out a section that previously broke down its US employees by gender and ethnicity. In its 2023 annual review, it introduced the statistics with a line saying that "BlackRock views transparency and measurement as critical to its strategy."
Companies have been quick to respond to President Donald Trump's executive order on "radical and wasteful" DEI programs, though a few big names such as JPMorgan Chase and Costco have reaffirmed their commitment to diversity initiatives.
Through his annual investor letters, Fink promoted stakeholder capitalism and environmental, social, and governance investing, becoming the unofficial corporate poster child for the movements. In the last few years, however, Fink has had to tone down his support for ESG and defend against the idea that the firm has an ideological agenda it's forcing on the many companies it invests in through its mutual funds and ETFs.
The firm also has critics on the political left. Climate activists have previously protested outside Fink's home and BlackRock's New York headquarters, calling for a divestment from fossil fuels.
"The only agenda we have is delivering for our clients," he said in 2023 LinkedIn post, which he drafted as a response to being called the "king of the woke industrial complex" in a Republican Party presidential candidate debate.
Here is a timeline of how BlackRock built and then knocked down its reputation as a social and environmental champion:
The biggest hedge funds are battling it out to attract and retain top talent and outperform peers.
Business Insider has talked to elite hedge funds to get a peek into their recruiting processes.
From internships to high-paying tech jobs, here's what we know about their hiring practices.
The war for hedge fund talent cuts across all levels and positions, with firms like Citadel, Point72, and Millennium constantly competing to gain an edge in a cutthroat industry.
These behemoth funds are now putting serious time and resources into recruiting for internship and training programs to create a steady employee pipeline. Steve Cohen's Point72 and Ken Griffin's Citadel recently opened applications for their 2026 summer internships to undergrad students.
Eye-popping pay, challenging work environments, and the promise of working with some of the best investors in the industry can make them an attractive employment option.
Business Insider has talked to some of the biggest hedge-fund managers about how they attract talent, as well as their advice to prospective hires.
Here's everything we know about getting a job at a large hedge fund.
Internships
Years ago, the opaque and secretive world of hedge funds might not have been an obvious career choice for most college graduates. However, these investing behemoths are now investing in getting young, diverse wunderkinder, especially mathletes, familiar with their brands as soon as high school.
Internships are another talent pipeline for some of the biggest multi-strategy hedge funds, which employ armies of traders and engineers. Programs can be uber-competitive and harder to get into than many top Ivy League schools.
Bhavya Kethireddipalli during her Citadel summer internship in 2022.
Citadel
Citadel's summer internship program, for example, has become increasingly competitive. Last year, the hedge fund accepted around 300 interns to spend 11 weeks at Griffin's hedge fund or his market maker, working with stock-pickers, quants, engineers, and more. The firm told BI that there were more than 85,000 applicants for the programs, with an acceptance rate of roughly 0.5%.
Citadel's associate program is a separate internship that puts rising college seniors on track to land a full-time investing role at the $66 billion fund.
In the past, hedge funds acquired investment talent from investment banks. Increasingly, however, the industry's top players are recruiting college students through intensive training programs that can lead to jobs straight out of college.
Creating a pipeline of portfolio managers has been an increasingly popular strategy for hedge funds locked in an increasingly expensive battle for top talent.
Hedge funds have long been competing with the finance industry and top tech companies for top technologists. Engineers and algorithm developers are key to helping researchers, data scientists, and traders develop cutting-edge investment strategies and platforms. Quant shop D.E. Shaw also has a unique approach to finding talent.
