Bank of America has eliminated its workplace representation targets and altered its diversity initiatives as it adjusts to new legal realities under the Trump administration.

The second largest US lender will no longer pursue "aspirational" goals for diversity and inclusion that were previously outlined in regulatory filings, according to a person familiar with the matter. The bank's annual report, released Tuesday, replaced numerous references to "diversity" with alternative terms such as "talent" and "opportunity".

Additionally, the Charlotte, North Carolina-based institution is renaming an internal human resources group to "opportunity and inclusion" from "diversity and inclusion" and will abandon its practice of requiring diverse candidate slates and interview panels.

"We evaluate and adjust our programmes in light of new laws, court decisions and, more recently, executive orders from the new administration," a Bank of America spokesperson said in an emailed statement. "Our goal has been and continues to be to make opportunities available for all of our clients, shareholders, teammates and the communities we serve."

The shift mirrors actions by other Wall Street firms responding to political and legal pressures. Last week, Citigroup announced it would no longer maintain "aspirational representation goals" except where required by local law. Goldman Sachs has also ended its policy of taking public only those companies with at least two diverse board members.

These changes follow Donald Trump's executive order banning diversity efforts at federal contractors in banking and other industries. Bank of America, like Citigroup, conducts business with the US government.

Speaking at the Economic Club of Washington, DC on Tuesday, Brian Moynihan, chief executive officer of Bank of America, emphasised what he described as inclusion at the company.

"We have always been a bank of opportunity," Moynihan said. "We have a diverse team, we stress inclusion. So when you're at our company, you can be who you want to be, and be successful."

The executive noted that the firm hires from various schools and areas, including low- and moderate-income neighbourhoods through targeted programmes. He also highlighted that the bank maintains employee-resource groups with approximately 60 per cent of workers participating in some form, adding, "They are open to all."

Last year, Bank of America promoted 387 employees to managing director roles, with more than half being women and people of colour.

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