WHY IT’S ON THE LIST
- Mentoring by Second-Level Senior Managers: 47.8% higher than the Top 10 and 80.5% higher than the Top 50
- Promotions for Latinos into Management: 43.4% higher than the Top 10 and nearly double the Top 50 average
- Mentoring by CEO and Direct Reports: 18.6% higher than the Top 10 and 49.6% higher than the Top 50
According to Wells Fargo, the company “promote[s] growth through recruitment, leadership development, and identifying and retaining diverse leaders.” And its commitment to diversity begins at the very top with Chairman and CEO John Stumpf. The bank uses its Enterprise Diversity & Inclusion Council, which is chaired by Stumpf, to set and achieve diversity goals. The council meets every quarter, and executive compensation is tied directly to council goals. All members of the council participate in Wells Fargo’s formal mentoring programs.
The bank also has formal succession-planning programs for women, Blacks, Latinos, Asians and Native Americans.
Wells Fargo reported that its Board of Directors is comprised of 44 percent women and 31 percent ethnically/racially diverse members. In addition, Wells Fargo also had success promoting Blacks, Latinos and women into management positions.
As stated by the company, “Wells Fargo strives to build a culture where all people are valued and accepted, and individual differences are respected.”
Chairman and CEO
“Wells Fargo’s commitment to diversity and inclusion is key to being one of the world’s great companies. It’s a business imperative that lets us take advantage of the creativity and innovation that come from multiple perspectives. It also allows us to respond quickly and effectively to customer needs, understand our customers more fully, and see business opportunities in new ways.”
Executive Vice President, Head of Enterprise Diversity and Inclusion & Strategic Philanthropy
“Diversity and Inclusion is foundational to who we are at Wells Fargo. Our goal is for the diversity of team members to reflect the diversity of the communities we serve. We need to attract, develop, and retain the most diverse group of talent, so that we can better serve our customers and be competitive in the marketplace.”
San Francisco, Calif.
Last Year’s DiversityInc Top 50 Ranking • No. 11
No. 4 LGBT Employees