Last Updated:
4/4/21 8:00 PM
overall rating:
keep going
Wells Fargo
Internal Representation & Support
70%
Public Commitment
72%
External Communication
65%
To evaluate this pillar, we take into consideration a range of factors, including but not limited to:
- Employee representation
- Diversity, equity, & inclusion (DEI)
We weigh a company’s degree of public commitment primarily on their monetary contributions to DEI matters or organizations fighting racial injustice.
Forms of monetary support we look for:
One-off donations
Recurring donations
Grant initiatives
Employee donation matching
Highlights
Wells Fargo has pledged to donate $400 million in processing fees from the Paycheck Protection Program to minority-owned businesses that have been hit particularly hard by the pandemic. This donation, coupled with a pledge of up to $50 million to six Black-owned banks, amounts to a significant 0.5% of their annual revenue.
Lowlights
In two separate instances during the summer of 2020, Wells Fargo's CEO Charles Scharf controversially blamed the company's inability to achieve its diversity goals on a "very limited pool of Black talent." Part of Scharf's initial response to the media stated (in clear nonapology fashion), "I am sorry my comment has been misinterpreted."
We scour the company’s website and official social media channels to determine what message they are sending around racial injustice, how they are communicating it, and whether their communications are perceived as genuine or performative.
Public statement: We verify that companies have made a formal statement regarding racial injustice.
Social media: We consider how a company uses their platform(s) beyond performative allyship.
Representation: For companies that have the opportunity to showcase diversity in their feed, we consider whether they have adequate Black representation and BIPOC representation across their models.
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Deep Dive
I. Internal Representation & Support:
Board of Directors:
> 15% Black, 31% - 35% BIPOC, 21% - 25% Women
Executive Leadership:
10% - 11% Black, 21% - 25% BIPOC, 26% - 30% Women
> 40% BIPOC, > 50% Women
Workforce:
An appointed DEI senior leader and/or a dedicated DEI organization, A Black employee resource group
DEI Support:
II. Public Commitment
Wells Fargo has pledged a donation of 0.1% - 0.9% of annual revenue towards racial injustice, specifically for Black lives. Additionally, Wells Fargo has engaged in actions that advance racial justice and/or uplift BIPOC communities, such as partnerships with nonprofits or mission-based organizations, sponsorship of events, and matching donations to a broad range of qualifying organizations.
III. External Communications
Wells Fargo has issued a public statement, both on social media and in a public memo, addressing racial injustice The public statement acknowledged that they can be doing better to combat racial inequality within their company, included specific calls to action, and explicitly stated "Black Lives Matter." Since June 2020, 0.1% - 9% of the brand's social media content has been centered around racial injustice with posts seeming performative in nature. While the brand has made an effort to include ethnic diversity, specifically increasing Black representation, aside from a post for Pride, there is little to no evidence on social media of inclusion of the LGBTQ+ community (beyond posting for Pride), people living with disabilities, or a wide range of models with varying body types.
