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Wells Fargo: Racial Diversity in the Leadership in 2021

Industry: Financial Services
Current: ESG

In 2021, the representation of Asian employees in Wells Fargo in the US was 10.8%
Black employees represented 8.9% of Wells Fargo’s US workforce at senior levels and Hispanic employees represented 4.7% in 2021
Wells Fargo aims to increase the representation of racially diverse leadership in executive ranks by 2025

Diversity, equity, and inclusion (DEI) organizations are more innovative, productive, and resilient because they bring unique perspectives and ideas. In addition, it promotes equality of opportunity and treatment at all levels of the employment relationship, including recruitment, retention, promotion, remuneration, and training.

Increasing global awareness that all workers have a right to a dignified and respectful workplace irrespective of their sexual orientation and ethnicity, helps to promote an open and inclusive workplace. However, labor market disruption due to the COVID-19 has had devastating consequences globally.

There is a growing focus on racial equity within banking companies and increased efforts to lift underrepresented groups such as Asians, Blacks, and Hispanics. JP Morgan Chase established Advancing Hispanics & Latinos ("AHL") and the Office of Asian & Pacific Islander ("API") Affairs in 2021 for the growth of respective communities. In 2021, Citigroup had invested over $1 billion in strategic initiatives to help close the racial wealth gap and increase economic mobility in the US.

However, the number of executives from underrepresented groups remains remarkably low in financial services.

Wells Fargo is a diversified financial service holding company with a market capitalization of $168 billion. Wells Fargo aims to increase the representation of women and racially diverse leadership in executive ranks by 2025. In 2021, the representation of Asian employees of Wells Fargo in the US was 10.8% which increased by 0.7 percentage points from 2020. Black & African American and Hispanic & Latino employees represented 13.2% and 16.8% of the US workforce, respectively.

In leadership roles (senior level) at Wells Fargo’s US office, the representation of Asian employees was 11% in 2021. Black employees made up 8.9% of the senior-level US workforce and Hispanic employees made up 4.7% in 2021.

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