On Monday, Wells Fargo (NYSE:WFC) announced the reinstatement of a hiring policy requiring recruiters to interview a diverse pool of candidates nearly two months after its suspension in June. The U.S. bank suspended its recruiting strategy in June after the New York Times reported that such interviews were frequently staged and done after the position had already been offered to another candidate.
Wells Fargo (NYSE:WFC) temporarily halted the implementation of its diverse slate standards in June. The New York Times reported that a civil rights unit at the Manhattan U.S. attorney’s office was examining charges that the bank staged false job interviews for positions that were no longer available.
According to a statement, Wells Fargo (NYSE:WFC) has completed a study of diverse candidate hiring strategies and conducted interviews with recruiters and hiring managers to better the execution of standards. Wells Fargo’s chief human resources officer, Bei Ling, said, their evaluation enabled them to identify areas where the implementation of the rules might be enhanced.
The bank will resume application of the guidelines on August 19 and anticipates a diversity of 50% among both the candidates interviewed and the interview panel. The bank would redefine roles covered by the standards based on job level and not salary. The bank reported that since 2020, there had been significant increases in gender, racial, and cultural diversity across all business roles.
About Wells Fargo (NYSE:WFC)
Wells Fargo & Company (NYSE:WFC) is an American multinational financial services corporation with headquarters in San Francisco, California, operating headquarters in Manhattan, New York, and executive offices throughout the United States and overseas. The corporation operates in 35 countries and has more than 70 million customers worldwide. The Financial Stability Board considers it a systemically important financial institution.
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