The world’s largest bank is making the financial diet again, this time for its shareholders.
Equis announced on Wednesday it will introduce a new, less-than-healthy, menu for its financial services clients.
It will now offer a more healthful menu for equities and bonds and will offer a diet that focuses on lower-calorie foods.
But, it will also be a bit healthier for its customers.
Equis, one of the world’s biggest banks, is still struggling with the health effects of eating processed food and sugar, including the consumption of processed meats and processed dairy.
In December, the bank was fined $1.4 billion by regulators after failing to disclose to its customers the risks associated with their dietary habits.
The food-related regulatory action comes as Equis has been under scrutiny for its marketing tactics, which have included using a logo of a “pancake” with the words “The Wall Street Journal” and the logo of an animal-like figure in a bowl, and selling an ice cream flavor that has been described as a “fudge cake.”
The bank’s chief financial officer, Eric Hahn, told CNBC in January that the company’s marketing efforts are designed to “make people think it’s healthier” and “make you feel good.”
In an interview with CNBC in February, Equis CEO Peter Sands said the bank would be “committed to helping our clients achieve the healthiest lifestyle they can.”
“As part of our commitment to our customers, we will be changing the way we serve them and the way our products are packaged,” he said.
“The menu that we’re introducing is a way for them to try new things, we’re giving them choices, we have a different menu for some of the other products.”
But critics say Equis’ efforts are not being honest and it is selling the wrong diet.
“This is not a healthy food, this is not the diet that Equis wants to promote, and we don’t think Equis can deliver the healthy lifestyle that it is advertising,” said Rachel Rechtschaffen, a senior food policy analyst at the Consumer Federation of America.
Rechtscher said Equis was selling the diet as if it were a healthy lifestyle.
‘The food’s for a better diet’ “I think Equus is being disingenuous, and they’re selling the same thing they sell on TV: ‘Eat healthy and get a good diet,’ but this is for a healthier diet,” Rechterschaffan said.
In response, the company announced it will offer its financial clients a diet called the Equis Diet.
The diet will focus on the use of whole grains, low-fat dairy, plant-based protein, whole grains and vegetables, and healthy fats.
As for the Equistos Diet, it includes an additional menu item called the Financial Diet for Individuals, which is designed to address the needs of “individuals with special needs” and will be made available for “selective consumption” to clients who qualify.
A new Equisto Diet is expected to be available in the U.S. by the end of the year.