Wells Fargo Commits to Racial-Equity Audit Ahead of Hearings

Wells Fargo & Co. will commission a third-party racial-equity audit after years of advising shareholders to vote against one, as Chief Executive Officer Charlie Scharf prepares to appear at a pair of congressional hearings.

The audit will examine Wells Fargo’s business in diverse communities and support of diversity in its workforce, according to a statement Tuesday. Wells Fargo hired law firm Covington & Burling LLP to do the assessment and plans to publish results by the end of next year.

Wells Fargo has come under fire from lawmakers this year after a Bloomberg News investigation found the lender approved fewer ...