June 19, 2020
- Wells Fargo will begin a series of education sessions in which employees can share with colleagues their personal stories and perspectives on the realities of racism in the country. All employees will be able to participate.
- The company commits to a “returnship” program focused on diverse talent who have been out of the workforce for an extended period to support their return to the industry.
- Wells Fargo will implement a formal development program for high-potential employees to build a more diverse and inclusive talent pipeline.
Learn more about Wells Fargo’s commitments to advance diversity efforts here.
- Wells Fargo is committed to doubling Black leadership over the next five years. Currently, among the company’s senior leadership, 41% are female, and 21% are racially or ethnically diverse; 6% are Black/African American. The company will aggressively recruit senior managers from outside the company, which will in turn better position Wells Fargo to promote from within for its top leadership roles. In addition: A focus on recruitment, hiring, and promotions to increase diverse representation in senior-level roles, particularly with female and racially/ethnically diverse employees.
- The company will now require all managers to participate in a new live and interactive program specifically designed to tackle today’s challenges. This will go well beyond the current standardized training that is inadequate to the challenge. Senior leadership will go through this training first, and then it will cascade throughout the company.
- Senior leadership will now be evaluated based upon their progress in improving diverse representation and inclusion in their area of responsibility, which will have a direct impact on year-end compensation decisions.
- Wells Fargo commits to implementing a consistent and regular way to measure diversity and inclusion progress across the company.
- The company will focus on expanding their diverse supplier pipeline by exploring opportunities with diverse asset managers and other business partners.
Wells Fargo is committed to fair and equitable compensation practices and regularly reviewing its compensation programs and practices for pay equity.
The pay equity review process:
- Wells Fargo engages a third-party consultant to conduct an objective, statistical pay equity analysis annually. They include both gender and race/ethnicity in the reviews.
- The results of the review are shared with the Board’s Human Resources Committee.
Based on the pay equity reviews, Wells Fargo takes appropriate actions so that its employees continue to be paid fairly and equitably.
The company is committed to conducting ongoing pay equity reviews and continuing to enhance its processes.