Wells Fargo to Commission Third-Party Racial Equity Audit
September 13 2022 - 2:00PM
Business Wire
Next step in company’s ongoing efforts to support diversity,
equity, and inclusion
Wells Fargo & Company (NYSE: WFC) announced today that it
will commission an external, third-party racial equity audit. The
assessment will include input from both internal and external
stakeholders and focus on elements of Wells Fargo’s efforts to
serve diverse communities and promote a diverse workforce.
“Commissioning this work is a critical next step in reinforcing
our commitment to racial equity and closing the wealth gap in this
country,” said Chief Executive Officer, Charlie Scharf. “DE&I
is an imperative at Wells Fargo, and we consistently strive to
measure our progress and hold ourselves accountable. This important
work will build on our efforts to lead in all aspects of DE&I
in our company and in the communities we serve.”
The assessment will be conducted by Covington & Burling LLP,
a nationally recognized law firm with deep experience leading civil
rights and racial equity audits across various industries. The
company plans to publish the results of the assessment by the end
of 2023.
Some of the actions taken by the company in support of its
commitment to racial justice and DE&I, include:
- Small business recovery: Wells Fargo’s roughly $420
million Open for Business Fund has provided more than 200 community
development financial institutions and other nonprofits with
resources to help a projected 152,000 small business owners.
Grantees estimate 85% of those served will be racially or
ethnically diverse.
- Scholarships for diverse students: Wells Fargo has
provided $107 million in scholarships and programming to help
diverse students at 25 historically Black colleges and universities
and other minority-serving institutions realize their dreams of
attending college.
- $50 million to 13 Black-owned banks: Wells Fargo
invested in 13 Black- and African American-owned banks that play a
critical role in many communities where residents have little to no
access to a bank account or capital.
- $2 billion Inclusive Communities Climate Bond: Wells
Fargo engaged 24 diverse broker-dealers to issue its second
sustainability bond supporting housing affordability, economic
opportunity, renewable energy, and clean transportation.
- Employee hiring and advancement: 45% of our U.S.
employees are racially and ethnically diverse, 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, up from 5.8% in December 2020.
More information about DE&I at Wells Fargo is available in
our 2022 DE&I Report.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets,
proudly serves one in three U.S. households and more than 10% of
small businesses in the U.S., and is a leading middle market
banking provider in the U.S. We provide a diversified set of
banking, investment and mortgage products and services, as well as
consumer and commercial finance, through our four reportable
operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth &
Investment Management. Wells Fargo ranked No. 41 on Fortune’s 2022
rankings of America’s largest corporations. In the communities we
serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy.
News, insights, and perspectives from Wells Fargo are also
available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our
future financial performance and business. Because forward-looking
statements are based on our current expectations and assumptions
regarding the future, they are subject to inherent risks and
uncertainties. Do not unduly rely on forward-looking statements as
actual results could differ materially from expectations.
Forward-looking statements speak only as of the date made, and we
do not undertake to update them to reflect changes or events that
occur after that date. For information about factors that could
cause actual results to differ materially from our expectations,
refer to our reports filed with the Securities and Exchange
Commission, including the discussion under “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2021, as
filed with the Securities and Exchange Commission and available on
its website at www.sec.gov.
News Release Category: WF-DI
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version on businesswire.com: https://www.businesswire.com/news/home/20220913006130/en/
Contact Information Media Beth Richek 980-308-1568
Beth.Richek@wellsfargo.com Investor Relations John Campbell
415-396-0523 john.m.campbell@wellsfargo.com
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