The Trump administration's attack on diversity, equity and inclusion programs raises the question: Will big banks continue their support of minority depository institutions?

"We have made certain adjustments to reflect developments in the law in the U.S.," Chief Executive Officer David Solomon said.

Wells Fargo joins Bank of America, Citi and Charles Schwab in stepping away from its DEI policies.

Banks' latest annual reports, filed in the early weeks of the second Trump administration, provide a window into how the industry is adjusting to a new political climate.

The New York megabank facilitates much of the U.S. government's payment network domestically and internationally, making it a major federal contractor and vulnerable to the Trump administration's scrutiny.

Texas and nine other Republican-led states are ratcheting up pressure on Wall Street's diversity programs, asking firms about their policies on hiring and supplier selections as the Trump administration moves to gut DEI.

Women in the payments industry are using the advent of real-time payment networks to help underserved women around the world gain access to vital financial services.

The president-elect's history of deregulatory financial services policies could offer some benefits to minority businesses and consumers, but the more likely outcome is reduced access to capital and higher costs.

Banks can and should play a key role in giving members of minority groups and other underserved communities the tools they need to navigate an increasingly complicated financial landscape.

The custody bank achieved its goal for the amount of deposits it placed into minority banks and community development financial institutions by the end of the year.