by Tanasia Kenney
Originally published: September 7, 2017
Allegations of race-based discrimination have prompted megabank Wells Fargo to try a new diversity program aimed at creating a fairer workplace.
As part of a $35.5 million settlement with a group of Black financial advisers, Wells Fargo agreed to create a new and more inclusive program involving both supervisors and rank-and-file staff, Bloomberg News reported. The bank borrowed ideas from Harvard sociology professor Frank Dobbin, as well as focus groups with executive business leaders and Black brokers from the firm’s private client group and wealth brokerage services sector.
“In general, these settlements don’t lead to changes in the composition of the workforce,” Dobbin, who’s now advising Wells Fargo, told Bloomberg. “That’s why both sides were kind of interested in implementing the things that we have shown to be effective in other firms: targeted recruitment and mentoring.”