SAN FRANCISCO–(BUSINESS WIRE)–Wells Fargo & Company (NYSE: WFC) today announced that it will commission an external, third-party racial equity audit. The evaluation will include input from internal and external stakeholders and will focus on elements of Wells Fargo’s efforts to serve diverse communities and promote a diverse workforce.
“Commissioning this work is a critical next step in strengthening our commitment to racial equity and closing the wealth gap in this country,” said Chief Executive Officer Charlie Scharf. “DE&I is an imperative at Wells Fargo, and we constantly strive to measure our progress and hold ourselves accountable. This important work will build on our efforts to lead in all aspects of DE&I in our business and in the communities we serve.
The assessment will be conducted by Covington & Burling LLP, a nationally recognized law firm with extensive experience in conducting civil rights and racial equity audits in various industries. The company expects to publish the results of the assessment by the end of 2023.
Some of the steps the company is taking to support its commitment to racial justice and DE&I include:
- Recovery of small businesses: Wells Fargo’s approximately $420 million Open for Business Fund has provided more than 200 community development financial institutions and other nonprofits with resources to help approximately 152,000 small business owners. Beneficiaries estimate that 85% of those served will be racially or ethnically diverse.
- Scholarships for various students: Wells Fargo has provided $107 million in scholarships and programs to help various students at 25 historically black colleges and universities and other minority-serving institutions achieve their dreams of going to college.
- $50 million to 13 black-owned banks: Wells Fargo has invested in 13 Black and African American-owned banks that play vital roles in many communities where residents have little or no access to a bank account or capital.
- $2 billion Inclusive Communities Climate Bond: Wells Fargo has engaged 24 diverse brokers to issue its second sustainability bond supporting housing affordability, economic opportunity, renewable energy and clean transportation.
- Hiring and advancement of employees: 45% of our employees in the United States are racially and ethnically diversein December 2021. Approximately 9% of our US executives, defined as 1-3 levels from CEO, are Black/African American, in December 2021, compared to 5.8% in December 2020.
More information about DE&I at Wells Fargo is available in our 2022 DE&I Report.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company with approximately $1.9 trillion in assets, proudly serves one in three American households and more than 10% of small businesses in the United States, and is a leading provider of middle market banking services. in the United States We offer a diverse set of banking, investment and mortgage products and services, as well as consumer and commercial finance services, through our four reportable operating segments: Banking Consumer Services and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. Management. Wells Fargo ranked No. 41 in Fortune’s 2022 ranking of America’s largest companies. In the communities we serve, the company focuses its social impact on building a sustainable and inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. carbon.
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Additional information can be found at www.wellsfargo.com | Twitter: @WellsFargo
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Press release category: WF-DI