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Wells Fargo CEO Apologises For Remark About Lack Of Diverse Talent

Wells Fargo & Co Chief Executive Officer Charles Scharf apologised today for “making an insensitive comment reflecting my own unconscious bias”, as the bank sought to quell a row over his references to a shortage of talent among minority groups.

Reuters reported yesterday that Scharf had exasperated some Black employees in a Zoom meeting this summer when he reiterated that the bank had trouble reaching diversity goals because there were not enough qualified minority candidates.

He also made the assertion in a company-wide memo June 18 that announced diversity initiatives as nationwide protests broke out following the death of George Floyd, an unarmed African-American man, in police custody.

“I’ve worked in the financial services industry for many years, and it’s clear to me that, across the industry, we have not done enough to improve diversity, especially at senior leadership levels,” Scharf said in a statement today.

“Perhaps it’s the CEO of Wells Fargo who lacks the talent to recruit Black workers,” US Democratic Representative Alexandria Ocasio-Cortez tweeted.

The CEO of the largest US bank employer has pledged to double the number of Black leaders over five years and tied executive compensation to reaching diversity goals.

He is also requiring hiring managers to consider diverse candidates for high-paying roles that are vacant and ensure diversity on interview teams.

“As I said in June, I have committed that this time must be different,” Scharf said. — REUTERS

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