Wells Fargo response to New York Times article
09 Juni 2022 - 11:13PM
Business Wire
Wells Fargo & Company (NYSE:WFC) issued the following
statement responding to a New York Times article published
today.
“No one should be put through an interview without a real chance
of receiving an offer, period. The diverse slate guidelines we put
in place are meant to increase diverse representation across the
company and we can see meaningful results in our hiring data since
2020.
At the same time, it’s important that implementation of our
guidelines is consistent. Earlier this week, the company
temporarily paused the use of its diverse slate guidelines. During
this pause, the company is conducting a review so that hiring
managers, senior leaders and recruiters fully understand how the
guidelines should be implemented – and so we can have confidence
that our guidelines live up to their promise.”
Data on diverse representation at Wells Fargo since
2020
Overall diversity of the Wells Fargo workforce
- Approximately 45% of our U.S. employees are non-white, as of
December 2021.
- 13% of our U.S. workforce is Black/African American, as of
December 2021.
- Approximately 9% of our U.S. executives, defined as 1 to 3
levels from the CEO, are Black/African American, as of December
2021, which is up from 5.8% in December 2020.
- Three out of 14 members of our Board of Directors, or
approximately 20%, are Black/African American, as of April
2022.
Hiring for executive positions (defined as managers 1 to
3 levels from the CEO, who are not in administrative roles, and
where the midpoint of the pay range is ≥$100K)
- In 2021, approximately 38% of external executive hires were
racially/ethnically diverse, (i.e., Black/African American, Latino,
and Asian American/Pacific Islander), compared to 25% in 2020.
- In 2021, approximately one-third of all internally promoted
executives were racially/ethnically diverse, with 14% of the total
being Black/African American; additionally, approximately 53% of
all internally promoted executives were women.
- In 2021, approximately one-third of internally promoted
executives were racially/ethnically diverse (approximately 14% were
Black/African American) and over 50% were women.
Hiring for positions with annual compensation of $100K or
above
- Over 42% of hires for positions with annual compensation of
$100K or more in 2021 were racially/ethnically diverse. This is a
five percentage-point increase from 2019, which is when the
company’s new CEO began at the company.
- Over 47% of hires in 2021 for positions with annual
compensation of $100K or more were women, compared to 46% in
2020.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is a leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our
future financial performance and business. Because forward-looking
statements are based on our current expectations and assumptions
regarding the future, they are subject to inherent risks and
uncertainties. Do not unduly rely on forward-looking statements as
actual results could differ materially from expectations.
Forward-looking statements speak only as of the date made, and we
do not undertake to update them to reflect changes or events that
occur after that date. For information about factors that could
cause actual results to differ materially from our expectations,
refer to our reports filed with the Securities and Exchange
Commission, including the discussion under “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2021, as
filed with the Securities and Exchange Commission and available on
its website at www.sec.gov
News Release Category: WF- CF
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220609006044/en/
Media Beth Richek, 704-374-2545
Beth.Richek@wellsfargo.com
Investor Relations John Campbell, 415-396-0523
john.m.campbell@wellsfargo.com
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