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Wells Fargo response To New York Times article

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

Benzinga · 06/09/2022 17:14

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.