UPDATE: Wells Fargo CEO Apologizes For Saying The Black Talent Pool Is Limited
As expected, Wells Fargo CEO Charles Scharf is now speaking out to apologize after he blamed the lack of diversity at the bank on “a very limited pool of Black talent to recruit from.”
RELATED: Wells Fargo’s CEO Says That “There Is A Very Limited Pool Of Black Talent To Recruit From”
As we previously reported, Scharf made plans to achieve some diversity goals, including a pledge to increase the number of Black leaders in five years but he reportedly fell short. However, he put the blame on the lack of talent. In a memo sent to staff about their diversity initiatives on June 18, he said: “While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of black talent to recruit from.”
Following a wave of backlash, he is now apologizing for his remarks. In a new memo to employees released by the bank, Scharf apologized for “an insensitive comment reflecting my own unconscious bias.” He added, “There are many talented diverse individuals working at Wells Fargo (WFC) and throughout the financial services industry and I never meant to imply otherwise,” he wrote. “It’s clear to me that, across the industry, we have not done enough to improve diversity, especially at senior leadership levels. And there is no question Wells Fargo has to make meaningful progress to increase diverse representation,” CNN quotes.
Scharf was criticized by many people including Rep. Alexandria Ocasio-Cortez, who tweeted late Tuesday, “Perhaps it’s the CEO of Wells Fargo who lacks the talent to recruit Black workers.”
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