Allegations have been made against Wells Fargo for deceiving investors with its diversity policy, conducting sham interviews with no intention of hiring the candidates.
The lawsuit claims that the company required 50% of interviews to involve non-traditional candidates for roles paying over $100,000. The policy supposedly took into account factors such as race, ethnicity, gender, veteran status, sexual orientation, and disability.
However, according to the lawsuit, many candidates were brought in for interviews even when managers already had a preferred candidate in mind for the position.
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The plaintiffs argue that investors were misled by Wells Fargo’s promotion of its diversity policy in regulatory filings.
The lawsuit claims that the company’s implementation of the policy does not align with its stated goals of promoting equity and inclusion in the workplace.
Wells Fargo maintains that its focus was on interviewing a diverse pool of candidates and that the policy did not dictate hiring decisions.
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U.S. District Court Judge Trina Thompson denied Wells Fargo’s request to dismiss the case.
In response, Wells Fargo expressed disagreement with the ruling, emphasizing its commitment to diversity, equity, and inclusion.
The company stated that the claims in the lawsuit lack merit, pointing out that investigations by the Department of Justice and the Securities and Exchange Commission did not result in any action against the company regarding its hiring practices related to diversity.
As of the end of 2023, Wells Fargo reported that its U.S. workforce consisted of 53% Caucasian/White employees and 47% racially/ethnically diverse employees.
