Wall Street is paring its bets on ESG and DEI as political pressure rises


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Big businesses keep backing away from "ESG" and "DEI" as the political heat around these buzzwords mount in an election year.

Companies are reducing their involvement in a high-profile climate group; talking less about environmental, social, and governance (ESG) concerns on earnings calls; and paring back new hires devoted to diversity, equity, and inclusion (DEI) in workplaces.

The latest retrenchment came last week when financial giants JPMorgan Chase (JPM), State Street (STT), and Pimco all pulled out of Climate Action 100+, a coalition formed in 2017 to encourage companies to reduce their emissions.