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Citigroup two weeks ago announced it would promote a woman to CEO next year, the first on Wall Street to do so. “Perhaps it is the CEO of Wells Fargo who lacks the talent to recruit Black workers,” said Rep. Alexandra Ocasio-Cortez of New York, on Twitter. Wells Fargo used this strategy and targeted Black churches through “wealth building seminars.” They took advantage of low credit borrowers and even Black people with high credit would end up with predatory subprime loans. He must make more direct, concrete change this term. San Francisco-based Wells has pledged to increase hiring of minority candidates, particularly through Black colleges and universities, as well as new anti-racism training programs at the bank. - Twitter is losing users, just as censorship fatigue hits hard. Wednesday, September 23, 2020, Campaign 2020: Complete election coverage, EXCLUSIVE: DHS, DOJ ready new crackdown on bogus asylum claims. On Wednesday, Citigroup announced that it would direct $1 billion of the firm’s capital toward closing the “racial wealth gap” in the United States. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell My Personal Information | Ad Choices  Independent journalism for more than 150 years, Charles W. Scharf, CEO of Wells Fargo, arrives to testify March 10 during the House Financial Services Committee hearing in Washington, D.C. Charles Scharf, chief executive officer of Visa, speaks during the U.S.-Africa Business Forum in New York, Sept. 21, 2016. Quotes delayed at least 15 minutes. Within corporate America, only 8% of employees are Black. In 1970, the average American homeownership rate was about 60%, contrasting with Black homeownership averaging around 40%. In an interview with The Associated Press at the time, Chenault called the lack of a pipeline to recruit and retain diverse talent “embarrassing” to the financial services industry. Half of white Americans agreed there is too much attention devoted to racial issues. Like what you're reading? Please enable JavaScript and reload this page. Tribune News Service. Associated Press Who does A.I. Copyright © 2020 The Washington Times, LLC. “There is no question Wells Fargo has to make meaningful progress to increase diverse representation,” he wrote. Does Joe Biden take advice from ‘the smartest guy he knows’? Charles Scharf is among the top highest paid Chief Executive Officers across the United States. We must hold companies accountable for their discriminatory views. 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This data scientist’s model shows Biden is still a 3-to-1 favorite to win—but he’s fading in the home stretch All rights reserved. Redlining is a practice in which banks deny or avoid providing credit services to consumers because of racial demographics or the neighborhood where they live. Get email updates with daily headlines and weekly recaps. Wells Fargo’s CEO Charles Scharf recently came under fire for his comments suggesting there are not many qualified Black executives within the financial sector. This exacerbated the wealth gap between white and Black families, as the average net worth of a white family is ten times more than the net worth of a Black family. However, the loans Black and Brown people were receiving were subprime loans which start off cheap, but end up being much more expensive. Scharf said in a memo to employees “there is a very limited pool of Black talent to recruit from” in corporate America. Black mortgage owners are also statistically charged higher interest rates than white ones and are denied mortgages that white borrowers would be approved for. This Monday edition, distributed during the IU basketball season, includes links to articles, columns, podcasts and more. Market data provided by Interactive Data. Quiz: US Citizenship Test - Could You Pass? The comments and similar statements made in a Zoom meeting, reported by Reuters, led to an intense backlash in Washington and on social media. Trump’s odds of winning have surged in the past 48 hours, according to this data scientist’s model, Trump won Florida, but Democrats say they spent $100 million there to distract him from the Midwest, Swing states, COVID, and the Electoral College: Why Trump’s odds of winning are better than they seem, CA Notice at Collection and Privacy Notice, http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. Quiz: How much do you know about U.S. presidents? Quiz: Can you name these 1970s songs from their lyrics. This should not be considered the norm for corporate companies. This decreases sharply for senior management and executive positions as only 3.2% are Black. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. In contrast to this, white borrowers would receive favorable loans. Charles W. Scharf is chief executive officer and president, and a member of the Board of Directors of Wells Fargo & Company. Eric Holcomb must actively address issues in the Black community during his second term, Black Vocies: Meet Delta Sigma Theta Sorority, Incorporated. The Daily Rundown is published Monday through Friday and gives you a quick look at the day's top stories. All Rights Reserved. Customers with ethnic sounding names were also targeted with higher rates, as well as those who had a language barrier. The last prominent African American to serve as CEO at a large financial services company was Kenneth Chenault, the former CEO of American Express. Support independent, award-winning college journalism on this site. Trump says he'll top 306 electoral votes, won't prematurely declare victory Wells Fargo’s CEO Charles Scharf recently came under fire for his comments suggesting there are not many qualified Black executives within the financial sector. As a result of these practices by Wells Fargo and several other big banks, Black people lost 53% of their wealth. Charles Scharf, who joined BNY Mellon in July, has laid off staff, consolidated office space and overhauled executive pay as part of broad overhaul. think will win today’s election? IU junior Tiana Williams uses theater to be an activist. Since 1999, there have only been 18 Black CEOs of Fortune 500 companies. Trump warns Democrats are 'trying to steal the election'. © 2020 Fortune Media IP Limited. NEW YORK — Wells Fargo CEO Charles Scharf apologized Wednesday for comments he made suggesting it is difficult to find qualified Black executives in the financial industry. Black Voices: Gov. Stanley O’Neal, the former CEO of Merrill Lynch while it was still an independent company, is also Black. As a result of disappointing diversity and inclusion policies paired with racism in the workplace, 38% of Black professionals consider leaving their jobs to start their own businesses. He resigned in 2007 during the firm’s collapse. FORTUNE may receive compensation for some links to products and services on this website. Scharf on Wednesday said in a prepared statement that his comments reflected “my own unconscious bias.”. He released an apology for his comments and pledged to invest in anti-racist policies within the business, as well as develop appropriate recruiting strategies to increase the diversity of their applicant pool. Wells Fargo CEO Charles Scharf recently said that their bank finds it difficult to hire more black people because “the unfortunate reality is that there is a very limited pool of black talent to recruit from.” Wells Fargo, like other banks and corporations, are forced to turn down skilled workers if they have white skin because the bank must meet their diversity quota. His yearly salary is in millions since joining BNY Mellon NA, The Bank of New York Mellon, Inc when he got appointed as the Director in July 2017. The memo was written in June, but became public only this week. Latest state-by-state vote tallies as ballot-counting goes past Election Day This discrimination is also seen against customers in big banking. The millionaire prime also made his net worth from previous work as the … and View Comments, Terms of Use / Privacy Policy / Manage Newsletters. During the Great Recession in 2008, employees of Wells Fargo intentionally sold high-cost and high-risk loans to people based on race, which led to more foreclosures, decreases in home values and limited property tax revenue. Other large banks such as JPMorgan Chase have also faced several lawsuits for discriminatory practices against their customers as well as their employees. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. - Charles W Scharf is President/CEO at Wells Fargo Bank NA. Powered and implemented by Interactive Data Managed Solutions. His net worth increased when he became the Chairman on 1 January 2018. See Charles W Scharf's compensation, career history, education, & memberships. Find out what the IDS is saying about IU basketball. Donate here. Wells Fargo CEO Charles Scharf, who took over the bank in October, was grilled by the House Financial Services Committee over the bank’s practices of opening phony accounts in …

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