Wells Fargo’s CEO Says That “There Is A Very Limited Pool Of Black Talent To Recruit From”
According to Reuters, Wells Fargo made big plans to achieve some diversity goals, including a pledge to increase the number of Black leaders in five years. However, it’s been said they haven’t been able to make that happen and their excuse for it is actually shocking
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Two participants in a summer Zoom meeting with Wells Fargo CEO Charles Scharf told Reuters on Tuesday that the company is unable to meet its diversity goals because there is a limited pool of qualified Black talent. According to NBC News, he also reiterated the assertion in a company-wide memo about diversity initiatives on June 18.
Scharf reportedly 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.” After his comments were made public, he immediately faced backlash. Alexandria Ocasio-Cortez shared a tweet saying, “Perhaps it’s the CEO of Wells Fargo who lacks the talent to recruit Black workers.” Other Twitter users had more to say.
As many are aware, around June, the Black Lives Matter movement gained more momentum following the May 25th police-killing of George Floyd. Many companies including Wells Fargo announced new diversity initiatives to show their support of the movement. At the time, Black employees thought the summer meeting was very constructive. “Scharf spent more time listening than speaking. I walked away being incredibly surprised at how genuine and sincere he is.” the president of the Black/African American Connection Team Member Network previously said.
Wells Fargo spokeswoman Beth Richek defended Scharf’s record on diversity: “The CEO of the largest U.S. bank employer has pledged to double the number of Black leaders over five years and tied executive compensation to reaching diversity goals. He is also requiring hiring managers to consider diverse candidates for high-paying roles that are vacant, and ensure diversity on interview teams,” CNBC quotes.
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