Charlie Scharf has only been CEO of Wells Fargo for two years. So, really, how could he have possibly known about the training received and ingenuity shown by its perhaps soon-to-be-unionized employees in finding creative ways around empty management diktats before formalizing a diversification policy Scharf himself obviously doesn’t believe in whose work-around is so obvious that even NFL owners figured it out?
Anyway, Scharf & co. are going to take some time from their busy schedule of not fixing the rest of Wells Fargo to spend a couple of weeks tweaking things are warning underlings that they really, really mean it this time.
Though a version of the policy had been in place for years, Wells Fargo’s leaders spelled it out in writing in mid-2020 as part of a broader push to increase diversity at the bank. On Monday, Mr. Scharf told employees that the policy would be put on hold for several weeks to give the bank’s leaders time to study its use and make changes…. The pause would allow the bank to gain confidence that “the guidelines live up to their promise,” and that “hiring managers, senior leaders and recruiters fully understand how the guidelines should work,” Mr. Scharf said in the letter.
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