Waters Blasts Wells Fargo CEO’s Remarks on Recruiting Diverse Executives
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued the following statement regarding Wells Fargo CEO Charles Scharf’s remarks on the recruitment of Black executives.
"Charlie Scharf’s comments—spoken to Wells Fargo employees in June and then later memorialized in a memo to them—are sadly familiar to Black people who work in the financial services industry. It’s a refrain that many of them have heard even when they are denied jobs for which they are clearly qualified. It’s been repeated so often that it has become a trope. The truth, however, is that Scharf’s comments are not just an excuse, they are also highly inaccurate. There are qualified people of color in the industry and within Wells Fargo. The problem is that Mr. Scharf does not see them or make a full effort to include such people in his professional circles. To be clear, the financial services industry must do better in terms of diversity and inclusion. This is precisely why I created Congress’ first Subcommittee on Diversity and Inclusion when I took over as the first Chairwoman of the Financial Services Committee last year. Led by Chair Beatty, the Subcommittee has shined a light on the issues surrounding diversity and inclusion in the financial services industry, including in America’s largest banks.
In February, Chairwoman Waters and Congresswoman Joyce Beatty (D-OH), Chair of the Subcommittee on Diversity and Inclusion, released a multimedia Majority staff report entitled, “Diversity and Inclusion: Holding America’ Large Banks Accountable.” This report was part of a longstanding effort to hold financial institutions accountable and provide the American public with a complete picture of how large banks are meeting their commitments to diversity and inclusion.