Like at other banks, Wells Fargo's nonexecutive employee population in the US is more diverse than its leadership. ![]() People of color and women in general are concentrated in lower-paying roles "We need to continue to measure our progress in a data-driven way and engage diverse talent across the company, as well as outside stakeholders, to get their feedback and suggestions." "As I've said before, this is a marathon, not a sprint, so we know there is much work to do in the years ahead," he said. Kleber Santos, Wells Fargo's head of diverse segments, representation, and inclusion, acknowledged the work that remained. But figures from the San Francisco bank's first report, in addition to numbers from other top banks, show more work is needed to make the upper echelons of the nation's financial heavyweights more representative of the country's population. To do that, Wells Fargo has taken a number of measures, including tying executive compensation to increasing diversity in its ranks. In addition to committing billions of dollars to racial equity in the economy, the banks restated their pledges to improve diversity within their organizations and make their firms look more like the US population. Wells Fargo's diversity report comes as advocates are calling on Wall Street to deliver on promises made after George Floyd's murder in May 2020. The majority of executives are also male throughout the industry. And at Citi, it's 73%, based on its most recent report, published in 2020. At Bank of America, that number is 77.5%, according to 2021 figures. More than three-quarters of JPMorgan's executives, 77%, are white, according to its most recent data, which is from 2021. The challenges around diversity aren't unique to Wells Fargo. Still, there's a lack of diversity at the top of the bank: A majority of executives - 73.3% - are white.įor the country as a whole, the census figures show 60% of Americans are white, 19% are Hispanic/Latino, 13% are Black, and 6% are Asian. Its number of Black executives increased from 5.8% in 2020 to 8.9% in 2021, and its share of Latino execs rose from 3.9% to 4.7%. In its first diversity and inclusion report, published Wednesday, Wells Fargo reported that the bank increased its share of female executives from 41.7% in 2020 to 44.3% last year. The number of leaders at Wells Fargo from underrepresented backgrounds increased last year, but the bank, like its peers, still has a ways to go to make the industry's top echelons representative of the country. Account icon An icon in the shape of a person's head and shoulders.
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