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WELLS FARGO SEES EVEN FEWER QUALIFIED BLACK PEOPLE THAN IT SAW WOMEN QUALIFIED FOR HIS JOB. Affirmative inaction beneficiary Charlie Scharf doesn’t understand why he only wants to hire white people.

When Wells Fargo went looking for its third CEO in as many years, it was determined to make history. America’s number four bank was going to be the first to break the ultimate financial glass ceiling. And why not? A lady could hardly screw up as badly as her male predecessors, and it would make for the first good press Wells had received in, uh, well, three years.

Of course, it screwed it up. Even though two larger and much better-run banks had managed to find female heirs apparent, and even though Wells would seem to have one of its own ready to hand—you know, the one it always charged with cleaning up the messes the boys made—it simply couldn’t find a single woman willing or—in the unerring opinion of its board of directors—able to do the job. So they gave it to a white dude. And wouldn’t you know that that white dude just doesn’t see any non-white faces worth hiring or promoting, possibly because none have married one of Jamie Dimon’s kids? …

Scharf exasperated some Black employees in a Zoom meeting this summer when he reiterated that the bank had trouble reaching diversity goals because there was not enough qualified minority talent, two Participants told Reuters. … “While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of black talent to recruit from,” Scharf (reiterated) in a company-wide memo June 18….

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