Wednesday, September 13, 2017

Wells Fargo rethinks diversity training after black brokers sue - ON WALL STREET

by Jordyn Holman, Katherine Chiglinsky and Natasha Rausch
Originally published: September 12, 2017

Frank Dobbin, a professor at Harvard, has declared that most corporate diversity programs have failed. In a Harvard Business Review article last year, he said they alienate managers and endorsed an alternative: a voluntary, consciousness-raising program that includes rank-and-file staff along with supervisors.

Could it work? Wells Fargo, a company that’s faced racial discrimination allegations, is willing to try.

As part of a $35.5 million settlement with black financial advisers, Wells Fargo agreed to take non-financial measures to create a more fair workplace. They borrowed ideas from Dobbin, including focus groups with senior business leaders and black brokers from the bank’s private client group and wealth brokerage services operations.