Four years after launching a push for more diversity in its ranks, McDonald’s is ending some of its diversity practices, citing a U.S. Supreme Court’s decision that outlawed affirmative action in college admissions.

McDonald’s is the latest big company to shift its tactics in the wake of the 2023 ruling and a conservative backlash against diversity, equity and inclusion programs. Walmart, John Deere, Harley-Davidson and others rolled back their DEI initiatives last year.

McDonald’s said Monday it will retire specific goals for achieving diversity at senior leadership levels. It also intends to end a program that encourages its suppliers to develop diversity training and increase the number of minorities in their own leadership ranks.

McDonald’s said it will also pause “external surveys.” The Chicago-based burger giant didn’t elaborate, but several other companies, including Lowe’s and Ford Motor Co., suspended their participation in an annual survey by the Human Rights Campaign that measures workplace inclusion for LGBTQ+ employees.

McDonald’s rolled out a series of diversity initiatives in 2021 after a spate of sexual harrassment lawsuits filed by employees and a lawsuit alleging discrimination by a group of Black former owners of McDonald’s franchises.

But McDonald’s said Monday that the “shifting legal landscape” after the Supreme Court decision and the actions of other corporations caused it to take a hard look at its own policies.

In an open letter to employees and franchisees, McDonald’s senior leadership team said it remains committed to inclusion and believes a diverse workforce is a competitive advantage. The company said 30% of its U.S. leaders are members of underrepresented groups, up from 29% in 2021. McDonald’s previously committed to reaching 35% by the end of this year.

— Associated Press

Fed’s bank regulator to resign; stay on board

The Federal Reserve’s top financial regulator said Monday that he would resign next month, avoiding a potential confrontation with the incoming Trump administration and Republicans in the Senate.

Fed governor Michael Barr said in a letter to President Joe Biden that he would step down as vice chair for supervision Feb. 28, or earlier if a successor was confirmed. Yet Barr said he would remain on the Fed’s board of governors. His term as governor lasts until 2032.

Barr oversaw the proposal of tough new rules for the largest U.S. banks, which would have required them to significantly increase their financial reserves. The proposal sparked fierce opposition from the largest financial firms, including JPMorgan Chase, and was sharply criticized by Senate Republicans.

During last year’s presidential campaign, there were published reports that former president Donald Trump would try to fire or demote Barr. But at a press conference in November, Fed Chair Jerome Powell said a president doesn’t have the legal authority to do either one.

FuboTV joins Disney fold, settles Venu suit

Sports streaming service FuboTV Inc. is set to be merged with Walt Disney Co.’s Hulu live TV service, the companies announced Monday.

The agreement ends New York-based Fubo’s legal action against Venu Sports, the joint service announced last year by Disney, Fox Corp. and Warner Bros. Discovery. In a suit filed in U.S. District Court, Fubo had called the proposed venture “a sports cartel” that violated U.S. antitrust laws.

Fubo said in a statement that a Disney will control 70% of the new combined company. Fubo’s existing management team, led by the company’s co-founder and chief executive, David Gandler, will run the new company.

The deal is subject to approval by regulators and Fubo shareholders.

— From news services