“There is no question Wells Fargo has to make meaningful progress to increase diverse representation,” he wrote. 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.
The last prominent African American to serve as CEO at a large financial services company was Kenneth Chenault, the former CEO of American Express. He retired in 2018. 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.
Stanley O’Neal, the former CEO Merrill Lynch while it was still an independent company, is also Black. He resigned in 2007 during the firm’s collapse.
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