On February 26, Reuters reported that Wells Fargo has discontinued a policy requiring a diverse pool of candidates in initial interviews for senior positions in the U.S., as per a memo to employees cited by Bloomberg News. This decision aligns the bank with others in the financial sector that have recently scaled back diversity, equity, and inclusion efforts following criticism from U.S. President Donald Trump.
Trump has urged government agencies and private sector entities to halt "illegal discrimination." Additionally, he commented on social media platform Truth Social that "DEI was a hoax that has been very bad for our country."
The financial industry has historically struggled with diversity, and the current business environment poses a risk of eroding recent progress. Citigroup recently prioritized diverse candidates in job interviews, while Bank of America also adjusted its DEI initiatives.
Despite Reuters' request for comment, a Wells Fargo spokesperson has yet to respond. In 2020, the bank introduced various diversity programs, such as linking executive pay to meeting inclusion objectives.
With a global workforce of 217,000 employees, Wells Fargo reports that 51% are female. In the U.S., 51% of its staff are White, 48% come from diverse racial or ethnic backgrounds, and 1% have undisclosed backgrounds according to recent filings with regulators.