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Wells Fargo CEO Offers Mea Culpa for Comment on Lack of Qualified Minorities

The CEO of Wells Fargo apologized last month after he blamed the bank’s lack of diverse staff in upper management due to the dearth of qualified people of color. So reports the BBC.

wells fargoCharles Scharf made the comment during a call with employees, and also mentioned it in a memo. In the June memo, in which the bank announced diversity initiatives in the wake of the global protests over police abuse and racism, Scharf 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.”

Scharf acknowledged that what he said was an “insensitive comment reflecting my own unconscious bias.” 

“There are many talented diverse individuals working at Wells Fargo and throughout the financial services industry and I never meant to imply otherwise,” Scharf said. “Across the industry, we have not done enough to improve diversity, especially at senior leadership levels.”

Wells Fargo has dished out millions to settlements allegations of discriminatory lending and hiring. 

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