Wells Fargo CEO ruffles feathers about 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,” Scharf said in the memo.

By Reuters

Wells Fargo & Co Chief Executive Charles Scharf exasperated some Black employees in a Zoom meeting this summer when he reiterated that the bank had trouble reaching diversity goals because there was not enough qualified minority talent, two participants told Reuters.

He also made the assertion in a company-wide memo June 18 that announced diversity initiatives as nationwide protests broke out following the death of George Floyd, an unarmed African-American man, in police custody.

With the regular use of these pills also functions to slow down the inhibitory action of certain hormone and enzyme. canadian viagra 100mg You can practice less strenuous exercises like walking, weight cialis generic cheapest lifting, yoga, jogging and meditation. This class differs from the driver’s education program required for drivers under the age order generic cialis of 18. Hence, you can now buy propecia online. discount viagra india

“While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of black talent to recruit from,” Scharf said in the memo, seen by Reuters.

Scharf spent more time listening than speaking during the 90-minute call which he initiated and has not been previously reported. His comments about Black talent rubbed some attendees the wrong way, according to the two employees, who spoke on the condition of anonymity because they feared repercussions.

Not all attendees recalled being offended. “The meeting was incredibly constructive… I walked away being incredibly surprised at how genuine and sincere he is,” said Alex David, president of the Black/African American Connection Team Member Network.

***Black executives throughout America reject the assertion that is a lack of qualified and capable Black talent for the corporate sector at any position or level.***

But several Black senior executives across corporate America said they are frustrated by claims of a talent shortage, and called the refrain a major reason that companies have struggled to add enough racial and ethnic diversity to leadership ranks, despite stated intentions to do so.

“There is an amazing amount of Black talent out there,” said Ken Bacon, a former mortgage industry executive who is on the boards of Comcast Corp, Ally Financial Inc and Welltower Inc. “If people say they can’t find the talent, they either aren’t looking hard enough or don’t want to find it.”

Bacon said he was “shocked and puzzled” by Scharf’s comments.

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.

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”.

Scharf “is committed to deep and systemic change to increase diversity and has held several forums where there has been candid conversation and unfiltered feedback,” Richek said in a statement. Scharf was not available for an interview, she said.“Talent is there”

Introspection across corporate America during the Black Lives Matter movement has cast a harsh light on the lack of diversity.

In boardrooms, African Americans made up 10 percent of new director appointments in the Fortune 500 last year compared with their 13 percent of the U.S. population, according to a 2020 report from executive recruiting firm Heidrick & Struggles. New Hispanic directors were even more scarce, the study found.