Goldman Sachs' top DEI executive exits for rival as Wall Street retreats from diversity under the Trump administration
Business Insider
February 25, 2026
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Goldman Sachs' top diversity and inclusion official, Megan Hogan, has left her role to join Morgan Stanley as head of talent development. Her exit comes during a broader trend among Wall Street banks to scale back on diversity efforts following pressure from the Trump administration, which has discouraged such initiatives.
Hogan, who served as Goldman's chief diversity officer and global co-head of talent for nearly a decade before transitioning into her last role in 2024, confirmed her move to Business Insider. At Morgan Stanley, she will report to Susan Reid, the firm's global head of talent, focusing on talent development starting this spring.
Wall Street's retreat from diversity pledges has been significant since Trump returned to power. Earlier this year, Goldman Sachs removed race, gender identity, and sexual orientation from its board-member selection criteria under pressure from a conservative shareholder group. The bank also stopped emphasizing specific DEI targets in annual reports and plans to phase out aspirational hiring goals established years ago.
This shift reflects the changing legal environment and adapting to political pressures. While Goldman Sachs maintains that diverse perspectives are valuable for attracting top talent, its new approach aligns with Trump's stated priorities. Other major banks, including JPMorgan and Citi, have also softened their use of DEI language since early 2025.
Hogan's departure highlights a broader struggle for Wall Street firms to retain senior female leaders and advance diversity efforts. Though Goldman Sachs has made progress in increasing the share of female managing directors, more work remains. The firm is expected to appoint Lauren Uranker as its new sole head of talent development later this week, focusing on AI-supported work and team growth.
This trend signals a broader challenge for corporate America: balancing business interests with social values amid shifting political winds. For readers interested in business and diversity trends, these changes underscore the delicate balance companies face between legal compliance and fostering inclusive workplaces.
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Originally published on Business Insider on 2/25/2026