Macquarie Group has watered down references to diversity, equity and inclusion in its annual report, joining the list of global investment banks that have softened their language around social objectives amid a backlash from the Trump administration that such programs are “shameful discrimination”.

As with many other investment banks whose staff operate in the United States, Macquarie’s chief executive Shemara Wikramanayake didn’t back away from any of the company’s previous commitments around hiring people from a wide variety of backgrounds and linking bonuses to greater workforce diversity.