Target on Friday said it’s rolling back diversity, equity and inclusion programs — including some that aim to make its workforce and merchandise better reflect its customers.

In a memo sent to its employees, the Minneapolis-based retailer said it will end its three-year DEI goals, stop reports to external diversity-focused groups like the Human Rights Campaign’s Corporate Equality Index and end a program focused on carrying more products from Black- or minority-owned businesses.

The memo was sent to staff Friday and viewed by CNBC. It was written by Kiera Fernandez, chief community impact and equity officer at Target.

“Many years of data, insights, listening and learning have been shaping this next chapter in our strategy,” she said in the memo. “And as a retailer that serves millions of consumers every day, we understand the importance of staying in step with the evolving external landscape, now and in the future — all in service of driving Target’s growth and winning together.”

A Target spokesperson said there are no job cuts as part of Friday’s DEI announcement.

With the move, the discounter joins a growing list of companies including Tractor Supply, Facebook’s parent Meta, Walmart and McDonald’s that have dropped DEI-related pledges and goals. Some of those companies faced pressure from conservative activists or cited the Supreme Court’s ruling blocking affirmative action at colleges — which may not compel corporations to take any action on the issue.

The company’s decision also follows President Donald Trump’s executive orders, made almost immediately after his Inauguration, to end the government’s DEI programs and put federal officials overseeing those initiatives on leave.

Not all companies have joined the trend. On Thursday, Costco said at its annual meeting that more than 98% of shareholders voted against a proposal to review risks of its DEI programs. Costco’s board of director had urged shareholders to vote it down.

Many corporations’ diversity commitments, including Target’s go back for years and were strengthened in the wake of the “Black Lives Matter” protests and the murder of George Floyd in 2020.

Four years ago, Target CEO Brian Cornell said the murder — which happened just a short distance from Target’s headquarters in its hometown — felt personal. He said it motivated him to step up Target’s diversity and equity efforts.

“That could have been one of my Target team members,” he said at the time, recounting his thoughts as he watched the video of Floyd taking his final breaths.

Target expanded its diversity goals at the time, saying it would increase representation of Black employees across its workforce by 20% over the next year. The company started a new program to help Black entrepreneurs develop, test and scale products to sell at mass retailers like Target. And it promised to spend more than $2 billion with Black-owned businesses by 2025, from construction companies that build or remodel stores to advertising firms that market its brand.

The company and its foundation also gave $10 million to support social justice groups, including the National Urban League and African American Leadership Forum.

On its website in recent years, Target has touted Cornell’s and the company’s “steadfast commitment to stand with Black families and fight against racism.” In other posts on its website, the company provided updates on its efforts to add more officers of color, reduce turnover of people of color, and increase promotions of women and minorities.

One post was titled “We Are Never Done,” and started off with a quote from Black poet and civil rights activist Maya Angelou.

Target dissolved the goals at a time when conservative politicians and activists have increasingly turned their focus on company efforts to be more inclusive.

Target had already felt the heat from conservative groups over some of its other longstanding initiatives. About two years ago, the retailer pulled items from its Pride Month collection after backlash and threats to employees about some merchandise it sold, such as “tuck-friendly” swimsuits for trans people.

Cornell said in 2023 that the backlash contributed to weaker quarterly sales for the company. He said, however, that it would continue to mark heritage months with merchandise collections, such as Black History Month and Pride Month.

Target’s employee base had grown more diverse in recent years.

About 43% of Target’s workforce was white, 31% was Hispanic/Latino, 15% was Black and 5% was Asian in the fiscal year that ended in early February 2024, according to the company’s most recent diversity report.

The company’s leadership team is less diverse than its overall workforce. Seventy-two percent of the leadership was white, followed by 11% Hispanic/Latino, 11% Asian and 6% Black.

Universal is hoping the excitement around “Wicked” can hang around — for good.

The movie studio faces a unique challenge: promote and release two build-on films just one year apart. Part one of the “Wicked” cinematic project dazzled at the box office, collecting more than $700 million in global ticket sales through Sunday. Not only did it have the highest opening of any theatrical Broadway adaptation, but it is also now the highest-grossing film based on a Broadway musical, according to data from Comscore.

The question for Universal ahead of the release of part two — “Wicked: For Good,” due out in November — is how to keep its biggest fans engaged without alienating its more casual audiences.

Marketing experts told CNBC that pent-up demand for the movie, combined with the first film’s success, makes promoting its follow-up much easier.

″[Generating] close to $500 million is an amazing feat for that film,” said Mike Polydoros, CEO at cinematic marketing agency PaperAirplane Media. “They have all these fans who have seen the movie over and over again and came to the sing-alongs. They’ve marked their calendars for the second part of the movie.

“So, the marketing of it is more about keeping that group engaged and keeping them [informed] … and giving them just enough nuggets without oversaturating,” Polydoros said.

Universal already has one thing working in its favor: When it launches the marketing campaign for “Wicked: For Good,” it will be able to add best picture Academy Award nominee to its franchise promotions.

On Thursday, the studio snared 10 nominations for “Wicked,” including for lead actress, supporting actress, film editing, sound, score, production design, costume, visual effects and makeup and hairstyling.

The overall marketing plan for “Wicked: For Good” is expected to be similar to the playbook used for “Wicked” with a few alterations to keep it fresh and avoid oversaturating audiences.

Universal jumpstarted the first film’s advertising strategy with a teaser trailer that ran during the Super Bowl in February. The nearly 90-second spot gave fans their first glimpse of Oz, as well as Cynthia Erivo’s triumphant battle cry from “Defying Gravity,” the closing number of the first act of the Broadway musical.

“There wasn’t a debate,” Michael Moses, Universal’s chief marketing officer, told Variety back in November. “When you’re working on materials, you always have those kinds of conversations. But if there’s a single sound associated with ‘Wicked,’ it’s certainly that end to ‘Defying Gravity.’ … Ending that spot with it felt assured and inescapably the right call.”

The Super Bowl ad spot was followed up by another teaser trailer at the annual CinemaCon in Las Vegas in April and a quick appearance from Elphaba (Erivo) and Glinda (Ariana Grande). The co-stars attended the Met Gala in New York City a month later, walking the red carpet together and closing out the evening with a surprise performance. Then, in July, the pair were spotted at the Paris Olympics, which was televised by NBC.

“Our filmmakers and our talent were very accessible throughout this process,” said Dave O’Connor, president of franchise management and brand strategy at Universal. “Many of them participated in various parts of our campaign, from the straight marketing that we did for the film, but also with our partnerships and some of the unique opportunities that our company brought to the table. So I think that was also something that felt organic and authentic to the process.”

Universal peppered audiences with different iterations of the film’s trailer and teaser videos throughout the summer, leading into its big marketing push — more than 400 corporate brand partnerships. Retail stores were flooded with pink and green merchandise, from apparel, accessories, footwear, beauty and costumes to home decor, toys and even one-of-a-kind cars. The collections ranged in price, allowing consumers to choose from affordable and luxury options to show off their love of all things “Wicked.”

“I get asked a lot, ‘What is the state of exhibition?‘” said Brandon Jones, president and chief marketing officer of FilmFrog. “And I think that ‘Wicked’ is the perfect example of this. The state of exhibition is, and has always been, to influence culture.”

With nine months before the release of “Wicked: For Good,” Universal will look to repeat the success of the first film’s marketing campaign, but with some variation.

“I think our intent would not be to replicate, but certainly to evolve and to continue to do incredible work and find the right balance of partnerships that can innovate and really match the heart of the next film,” O’Connor said.

Like “Wicked,” “Wicked: For Good” arrives the weekend before Thanksgiving. This gives the film breathing room for a solid opening weekend before Disney drops its traditional animated release the day before the holiday. This year, it will be “Zootopia 2.”

“Wicked: For Good” will then be able to capitalize on school vacations and family gatherings to fuel a strong second week of ticket sales — the same strategy employed for “Wicked” amid the surprise release of Disney’s “Moana 2” on the Thanksgiving holiday last year.

Cinemas will also look to capitalize on the prior success of “Wicked” when promoting “Wicked: For Good.” While Universal will provide creative assets such as trailers, standees and other digital and physical materials, theaters big and small will look for ways to lure audiences to their locations with special collectible popcorn buckets and unique food and drink options.

“Until, really, the last [decade], exhibitors just relied on studios to do most of the marketing and that really started to change around 2016 or 2017,” said Jones. “Because the relationship between the film and the moviegoer is actually managed by exhibitors. Because you don’t buy your ticket for ‘Wicked’ from Universal. You buy it from your local movie theater.”

Jones noted that the quick release of “Wicked: For Good,” almost exactly one year after “Wicked,” allows movie theaters to engage with guests more acutely.

Using ticket sales data, cinemas can market on a one-to-one basis during the 12-month period between releases to not only promote the second film, but also entice moviegoers to return for other in-theater programming that is similar to “Wicked.”

“It’s one thing to market the movie, it’s another thing to market the experience of going to the movies,” Jones added.

Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal is the distributor of “Wicked” and owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.

American Express’ affluent cardholders got comfortable spending more freely again late last year, Chief Financial Officer Christophe Le Caillec told CNBC.

Spending on AmEx cards jumped 8% year over year in the fourth quarter after slowing from a 7% growth rate early in the year to 6% during the second and third quarters, according to the firm’s earnings presentation.

While the year-end pickup was seen across all customer segments and geographies, it was especially fueled by millennials and Gen Z users, where transaction volumes jumped 16%, up from 12% in the third quarter.

Older groups were more restrained with their cards. Gen X customers spent 7% more in the fourth quarter, while baby boomers saw billings rise just 4%.

“We had very strong growth from Gen Z and millennials, and that 2 percentage point acceleration gives us a lot of optimism for 2025,” Le Caillec said.

Elevated transaction levels have continued into the first three weeks of this year, he added.

Younger Americans are said to spend more on experiences rather than goods, and that is reflected in the results from AmEx, which along with rival card issuer JPMorgan Chase, dominate the market for high-end credit cards.

Travel and entertainment billings rose 11% in the quarter, compared with 8% for good and services. The boost in travel came from airline spending, which rose 13%, with spending for business class and first class airfares up 19%, according to Le Caillec.

AmEx shares fell more than 2% in midday trading Friday after the company reported earnings and revenue that were roughly in line with analysts’ expectations. Shares of the New York-based company have been on a tear over the past year, hitting a 52-week high on Thursday.

“We are encouraged by accelerating billings growth as we believe it will be a key factor for Amex to meet its aspirational target of at least 10% revenue growth,” William Blair analysts led by Cristopher Kennedy wrote Friday in a research note. “We remain buyers on any pullback.”