Charles Scharf's comment about the bank's struggles to reach diversity goals sparked immediate backlash.
Wells Fargo CEO Charles Scharf apologized on Wednesday for a comment blaming the bank’s trouble reaching diversity goals on a “limited pool of Black talent,” shocking many who view this as an antiquated excuse for corporate America’s lack of racial diversity. to the entire company, saying it reflects his “own unconscious bias” and he never meant to imply there aren’t qualified diverse candidates.
“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,” said Scharf, outlining the bank’s ongoing initiatives to address this problem. on Tuesday that Scharf had “exasperated” some Black employees during a Zoom meeting this summer by saying there aren’t enough qualified minority candidates.
Then, in a June 18 company-wide memo announcing new diversity initiatives amid nationwide Black Lives Matter protests sparked by George Floyd’s May 25 death, Scharf reiterated: “While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of black talent to recruit from.” , Scharf’s comments triggered immediate backlash, including criticism from Black leaders across the country who decried Scharf for blaming a pipeline problem.
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Wells Fargo CEO ruffles feathers with comments about diverse talent'While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of black talent to recruit from,' Scharf said in the memo.
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