WFC Wells Fargo and Company

By Dave Sebastian

Wells Fargo & Co. Chief Executive Charlie Scharf apologized in a letter to employees for his remarks related to recruiting Black talent.

In a June 16 memo, Mr. Scharf said the bank's regulatory troubles have made it harder to cast a wide net for top jobs.

"The unfortunate reality is that there is a very limited pool of Black talent to recruit from with this specific experience," he said.

His comments triggered backlash, at a time when companies face a reckoning on race following the police killings of Black people.

"I apologize for making an insensitive comment reflecting my own unconscious bias," Mr. Scharf said Tuesday. "There are many talented diverse individuals working at Wells Fargo and throughout the financial services industry and I never meant to imply otherwise."

Mr. Scharf said the financial-services industry hasn't done enough to improve diversity, especially at senior leadership levels. He said the company is requiring diverse candidate slates for key roles with compensation north of $100,000, among other efforts.

Mr. Scharf, who took the helm last year, is tasked with moving the bank past a fake-accounts scandal.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

September 23, 2020 10:13 ET (14:13 GMT)

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