Wells Fargo has agreed to settle a federal class-action lawsuit over allegations that it misrepresented its Diversity, Equity, and Inclusion (DEI) efforts, The Charlotte Observer reports. The lawsuit followed reports that the bank held fake job interviews with women and people of color to satisfy internal DEI requirements, without a genuine intent to hire them. Sham Interviews to meet diversity targets The class-action suit stems from New York Times reports in 2022, which claimed that Wells Fargo managers were instructed to conduct “sham” interviews for roles that were already filled.
Wells Fargo has quietly changed its public-facing DEI language, removing all diversity language, according to HR Brew. The outlet compared the financial services company’s current website with an earlier version recovered from an internet archive. The program is now framed as “inclusion and accessibility,” a rebrand that mirrors a wider corporate trend of softening or rephrasing diversity commitments amid political and legal backlash. Wells Fargo quietly deleting DEI from its website In February, Wells Fargo announced that it would no longer need hiring managers to consider a diverse slate of candidates
Wells Fargo has closed and emptied the business accounts of Beautiful Curly Me without warning, according to its 12-year-old CEO Zoe Oli and her mother, Evana. Zoe Oli founded the company at age seven to boost confidence in young Black girls through dolls and other products and recently became the youngest CEO to have a toy line at Target. Account Closure Leaves Business in Crisis The closure of Beautiful Curly Me’s three business accounts has put a severe strain on the company’s operations. According to Zoe and Evana, Wells Fargo
Wells Fargo & Co. is bracing for a crucial decision on whether a lawsuit concerning its mortgage denials to non-white applicants during the pandemic will attain class-action status, according to Bloomberg. This lawsuit, consolidating several claims, could become a high-profile and costly case for the bank. Key Allegations And The Class Action Motion The plaintiffs allege that Wells Fargo’s credit-scoring algorithm unfairly impacted minority applicants. They argue that all non-white applicants who applied for refinancing, home purchases, or home equity lines of credit from 2018 to 2022 were denied despite
Wells Fargo has announced that Darlene Goins is the new president of the Wells Fargo Foundation and head of Philanthropy and Community Impact. Wells Fargo is a leading financial services company with approximately $1.9 trillion in assets, serving one in three US households and more than 10% of small businesses. Goins’ Previous Expertise Previously, Goins was head of Diverse Customer Segments within Wells Fargo’s Consumer, Small, and Business Banking. Her role was leveraging customer feedback, analytics, and insights to meet the needs of diverse customers. Goins also led the company’s
Financial giant Wells Fargo recently announced that it would be investing $355,000 in a new diversity program, The Inclusivity Project. The Inclusivity Project The Inclusivity Project was first launched in 2021 and has since been run by the Northern California Small Business Development Centers (NorCal SBDC). Initially designed to support Black and African American businesses seriously impacted by the COVID-19 pandemic, the project has since become a community open to all business types and stages. The project offers free advice, mentoring, workshops, and networking, as well as access to exclusive
American bank, Wells Fargo, is set to retreat from the mortgage business after years of scandals that have plagued the bank’s reputation. According to Bloomberg, the company plans on pulling back its mortgage business. The decision will reduce the bank’s ties to outside mortgage firms, which helped them generate $205 billion in new home loans last year. The demand for mortgages drastically falling is another reason the mortgage giant, Wells Fargo, has decided to step away from the industry it once dominated. “Like others in the industry, we’re evaluating the size
