D&I: Backlash or Commercial Opportunism?

EDITORIAL by Diego LAZARO

Founder of Be Diverse Consulting

I observe with dismay that even in my country—Switzerland, a champion of democracy—Trump’s radical policies have had a direct impact. Backlash or commercial opportunism?

Swiss economic giants such as UBS Bank and pharmaceutical companies Roche and Novartis have suddenly "scuttled" their Diversity, Equity, and Inclusion (D&I) programs. These themes, which were until recently considered part of corporate social responsibility, have suddenly become taboo and disappeared from these companies’ reports and guidelines.

For example, in 2023, the phrase “diversity and inclusion” appeared more than 20 times in UBS Bank’s annual report. In the 2024 report, published in March 2025, the topic has vanished. At Roche, diversity objectives are no longer a priority. And Novartis has abruptly shut down its internal diversity and inclusion initiatives website.

A Sudden Shift

To continue working with the Trump administration, these Swiss companies are choosing to comply with the new American policies, which are clearly opposed to the rights of women, immigrants, LGBTQ+ individuals, and transgender people.

Just three months ago, UBS had set a goal of hiring more individuals from ethnic minorities, aiming for them to make up 18.8% of financial and client advisors in the U.S. by 2025, up from 12.2% in 2023.

However, diversity objectives and an update on last year’s progress have been erased from UBS's 2024 annual report.

Meritocracy vs. Diversity

As a justification, UBS’s latest report states: "We are committed to being a diverse and inclusive workplace based on meritocracy," as if diversity and meritocracy were incompatible.

At the same time, discussions are underway about a possible relocation of UBS’s global headquarters to New York, encouraged by the Trump administration’s tax and business policies. The bank seems to prioritize clear commercial success over its principles of social and human responsibility. Today, the banking group prefers to focus on shareholder satisfaction rather than employee well-being.

61 Companies Reaffirm Their Commitment

Despite this shift, 61 executives from major Swiss corporations have publicly declared their commitment to diversity and inclusion. In an open letter published on January 28, 2025, they denounced the rollback of inclusive policies, regretted the backlash, and reminded that diversity is a driver of performance, innovation, and attractiveness for businesses.

Among the leaders who remain committed to fostering an equitable professional environment are Bertrand Girod (Groupe Serbeco), Boris Siegenthaler (Infomaniak), and Patrick Bertschy (Romande Energie SA).

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