In this March 10, 2020 file photo, Wells Fargo CEO and President Charles Scharf is seated before he testifies during a hearing of the House Financial Services Committee, on Capitol Hill, in Washington. Scharf apologized Wednesday, Sept. 23 for comments he made that dismissed concerns that the banking industry, which has a long history of racist behavior, wasn’t doing enough to promote and retain diverse talent. (AP Photo/Alex Brandon, File)
By Ken Sweet
Wells Fargo CEO Charles Scharf apologized Wednesday for comments he made about the difficulty of finding qualified Black executives.
Scharf said that "there is a very limited pool of black talent to recruit from" in corporate America. The memo to employees was written in June but became public this week.
The comments and similar statements made in a Zoom meeting, reported by Reuters, led to an intense backlash in Washington and on social media.
"Perhaps it is the CEO of Wells Fargo who lacks the talent to recruit Black workers," said Rep. Alexandra Ocasio-Cortez of New York, on Twitter.
Scharf on Wednesday said in a prepared statement that his comments reflected "my own unconscious bias."
"There is no question Wells Fargo has to make meaningful progress to increase diverse representation," he wrote. Wells has pledged to increase the hiring of minority candidates, particularly through Black colleges and universities, as well as new anti-racism training programs at the bank.
American banking is dominated by leadership that is largely white and male. None of the six big Wall Street banks have ever had a Black or female CEO. Citigroup a few weeks ago announced it would promote a woman to CEO next year, the first on Wall Street to do so.
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.
Adam Coons, Portfolio Manager at Winthrop Capital Management, talks about the last jobs data, and breaks down the future of social media and tech platforms.
Women's health company Organon will give its over 9,000 employees a paid day off on International Women's Day.
The move comes as the company aims to recognize the growing health inequities women have faced during the Covid-19 pandemic. Kevin Ali, Chief Executive Officer, Organon joined Cheddar's Opening Bell to discuss.
CLMBR is hoping to become the next big thing in connected fitness. The brand offers a high intensity, low impact workout with on-demand, instructor-led classes. Avrum Elmakis, CLMBR's CEO and founder, joined Cheddar to discuss where the company is heading next.
Peloton is reportedly drawing interest from multiple suitors. According to the Wall Street Journal, Amazon is considering acquiring the exercise bike company as it looks to expand into the health and wellness technology industry. Hatem Dhiab, managing partner at Gerber Kawasaki, joined Cheddar to discuss Peloton's future and which company might be its best bet as a buyer.
Amazon shares jumped north of 13 percent in after-hours trading as the E-commerce giant posted a beat on earnings in its fourth quarter. Amazon saw particular success in its cloud computing business, as well as its stake in EV startup, Rivian after its massive IPO. Deren Baker, CEO, Edge by Ascential joined Cheddar's Opening Bell to discuss.
After a seven-year hiatus, Nissan is returning to the Super Bowl action-packed, star-studded commercial. Allyson Witherspoon, Nissan's Chief Marketing Officer, joined Cheddar's Opening Bell to discuss the concept of the ad campaign and how it gives clues into where the brand is heading next.
Google parent company Alphabet reporting a beat on its Q4 earnings report, with revenue up 32%. The company's strong quarter was thanks to success in its cloud and advertising businesses, which both saw solid year-over-year growth. Angelo Zino, Senior Industry Analyst, CFRA Research joined Cheddar's Opening Bell to discuss the tech giant's blowout results.
Yumeka Rushing, Chief Strategy Officer at the NAACP, talks about the private sector's commitment toward racial equity and how the NAACP is attracting younger Americans to the organization's latest initiatives.
