Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Wells Fargo Pauses Diversity Rules After Sham-Interviews Report

June 7, 2022, 5:36 PM

Wells Fargo & Co., the San Francisco-based bank that’s been dealing with a series of scandals and regulatory issues, has temporarily halted the use of diversity guidelines for hiring after a report that staff held fake interviews with minority candidates to satisfy in-house rules.

The firm will “pause the use of diverse slate guidelines for several weeks” as it reviews the matter, Chief Executive Officer Charlie Scharf said in a memo.

“We will continue to actively seek diversity in hiring, even during this pause,” Scharf wrote. “The pause is a chance for us to review our guidelines and processes ...