September 23, 2020

Business Insider: Elizabeth Warren, AOC blast Wells Fargo CEO for blaming 'very limited pool of Black talent' for the bank's trouble hitting its diversity-hiring goals

Sen. Elizabeth Warren, Rep. Alexandria Ocasio-Cortez, and Sen. Sherrod Brown all slammed the CEO of Wells Fargo for his repeated claims that the bank's difficulties in hiring diverse employees were because of a lack of Black 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," Charlie Scharf, Wells Fargo's CEO, wrote in a June memo to employees, according to Reuters. Scharf also repeated this claim in a Zoom meeting over the summer, exasperating Black employees, Reuters said.

"Wells Fargo is badly broken in multiple ways and that starts at the top," Warren said in a statement to Business Insider. "Its CEO has an unfathomable blind spot about how and why this giant bank fails to hire, promote, and fairly compensate Black talent — and continues to be a core part of a financial system that scams Black families disproportionately and fuels structural racism in our economy and our society."


Read the full article on the Business Insider website, here. 

By:  Isabella Jibilian
Source: Business Insider