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Wells Fargo CEO apologizes for saying pool of Black executive talent was shallow

Wells Fargo & Co.’s chief executive officer apologized after comments he made about struggling to find experienced Black executives created a firestorm on social media. “I apologize for making an insensitive comment reflecting my own unconscious bias,” Charles Scharf said in a statement Wednesday. “There are many talented diverse individuals working at Wells Fargo and throughout the financial services industry and I never meant to imply otherwise.” In a June memo that set new diversity targets and tied executive pay to improving those metrics, Scharf cautioned that change wouldn’t happen right away because of the industry’s failure to build a strong pipeline of minority candidates. “While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of Black talent to recruit from with this specific experience as our industry

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