Wells Fargo & Co Chief Executive Charles Scharf exasperated some Black employees in a Zoom meeting this summer when he reiterated that the bank had trouble reaching diversity goals because there was not enough qualified minority talent, two participants told Reuters.
FILE PHOTO: Wells Fargo CEO Charlie Scharf testifies before a House Financial Services Committee on Capitol Hill in Washington, U.S., March 10, 2020. REUTERS/Carlos Barria/File Photo
Scharf spent more time listening than speaking during the previously unreported 90-minute call which he initiated. His comments about Black talent rubbed some attendees the wrong way, according to the two employees, who spoke on the condition of anonymity because they feared repercussions. “There is an amazing amount of Black talent out there,” said Ken Bacon, a former mortgage industry executive on the boards of Comcast Corp, Ally Financial Inc and Welltower Inc. “If people say they can’t find the talent, they either aren’t looking hard enough or don’t want to find it.”Wells Fargo spokeswoman Beth Richek defended Scharf’s record on diversity.
Wells Fargo’s latest proxy disclosed more diversity data than those of many other companies, including that two of 12 directors at the time were Black and one was “Latino/Hispanic.” Senior corporate executives and recruiters said the notion of a shallow minority talent pool is frequently cited as a hurdle to improving diversity but probably reflects insular professional and social networks.
“As women and minorities started to gain traction in corporate America, they were trapped in certain jobs companies felt comfortable placing them in, like human resources, administrative-support type functions,” said Teri McClure, former general counsel and chief human resources officer at United Parcel Service Inc, who sits on several boards, including that of JetBlue Airways Corp.
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