Wells Fargo CEO: 'While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of black talent to recruit from.'
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 1 was"Latino/Hispanic".
Only 7.3 percent of the five highest-paid executives at financial companies in the Russell 3000 were racial or ethnic minorities, according to data from ISS ESG, an arm of the proxy-advisory firm Institutional Shareholder Services. That number has risen in recent years, yet remains far below the percentage of minority groups in the general U.S. population.
"I literally get emails every single day from people asking to be added to our list," she said."The talent is there. It's just a matter of the firm accessing it and connecting with it."Experts said one reason board rooms and C-suites lack diversity is that such jobs are often filled by people who have managed businesses, while many people of color have tended to be stuck in roles that lack a direct connection to profits.
Some black directors and executives said they were not happy with the progress that had been made in improving diversity.
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