Wells Fargo’s Ghost DEI Effort

A securities lawsuit has been brought against the CEO and two other executives at Wells Fargo Bank alleging that bank interviewed diverse candidates for jobs that were already filled, or for which they were not qualified, to enhance the company’s DEI credentials.

The bank had publicized its DEI efforts in a number of filings and public statements touting its efforts. It is alleged that 70% to 80% of all openings in the commercial side of the bank involved sham interviews.