Wells Fargo Ends Mandatory Arbitration For Future Employee Claims of Sexual Harassment
February 12 2020 - 12:05PM
Business Wire
Wells Fargo & Company (NYSE: WFC) today announced that,
effective immediately, the company will no longer require
arbitration for employees in connection with any future sexual
harassment claims.
“Wells Fargo has zero tolerance for sexual harassment,” David
Galloreese, head of Human Resources at Wells Fargo, wrote in an
article posted on the company’s internal and external websites. “We
believe that this is the appropriate change to make at this time
for our employees. The treatment of sexual harassment claims has
become an increasingly prominent issue across industries. We’ve
taken many steps to create and maintain a workplace environment
that promotes and protects the safety and well-being of our
employees.”
Wells Fargo made the decision following internal dialogue and
feedback from various stakeholders, including the proponents of a
shareholder proposal. Clean Yield Asset Management submitted a
shareholder proposal late last year that focused on mandatory
arbitration of workplace sexual harassment claims. Clean Yield has
since withdrawn the proposal.
“Our Board of Directors and CEO Charlie Scharf value and
appreciate input from our stakeholders as we consider opportunities
to enhance our practices and transparency,” Galloreese said. “We
are working hard to improve our company for our stakeholders.”
The company’s mandatory employment arbitration policy generally
applies to employees hired since December 11, 2015.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,400 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 32 countries and territories to support customers who
conduct business in the global economy. With approximately 260,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 29 on
Fortune’s 2019 rankings of America’s largest corporations.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
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version on businesswire.com: https://www.businesswire.com/news/home/20200212005624/en/
Media Beth Richek, 704-374-2545
beth.richek@wellsfargo.com
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