Chairman, President and CEO John Stumpf clearly explains why diversity and inclusion has been such a priority for Wells Fargo: It’s a business imperative that allows the company to tap creativity and innovation that comes from multiple perspectives. It helps the company better understand its customers, see business opportunities in new ways and succeed in serving the needs of customers.
He has been at the forefront of both the external and internal diversity initiatives that have helped Wells Fargo become the top-ranked bank on the DiversityInc Top 50 and the only one of the leading five national banks on the list. Although Wells Fargo has been on the list every year since the Top 50 started in 2000, the bank made significant progress this year, moving up six spots.
A Better Place to Work: John Stumpf, who personally chairs the company’s Executive Diversity and Inclusion Council, hired Jimmie Paschall as Executive Vice President and Head of Enterprise Diversity & Inclusion four years ago. She has integrated the D&I efforts across the large organization with an emphasis on talent, marketplace and advocacy outcomes.
The bank now has 42 percent more women in the workforce and 36 percent more women in management than the Top 50 average.
Wells Fargo also has 64 percent more Latinos in management than the Top 50 average. The bank is the top-rated company in the ratio of Asians in management to Asians in the workforce.
The company has developed innovative talent-development initiatives, including the Peer to Peer Network to on-board new executives. The program, which started four years ago, is intended to provide new executives with critical perspective on the Wells Fargo culture and help them build a network, get to know the working styles of key partners and overcome other common transition hurdles. The program has helped more than 60 executives be successful at Wells Fargo.
In 2004, Wells Fargo introduced its Diverse Leaders Programs for Asian & Pacific Islander, Black/African-American, Latino and/or Lesbian/Gay/Bisexual/Transgender leaders. More than 2,000 team members have participated in the three-day programs that allow participants to practice and model leadership skills necessary for success in a diverse business environment. They gain a working knowledge of culturally relevant leadership styles and skills, become conscious of what they already do well and raise their awareness of opportunities for further personal development.
Better Understanding of Customers’ Needs: The Diverse Segments marketing team focuses on business strategies that meet the specific needs of under-represented groups
To gain more insight into the experiences of diverse business owners in the areas of lending and operating their businesses, this year Wells Fargo commissioned Gallup to conduct a national study of small business owners and announced a four-point plan to address needs identified in the study. The plan will help more diverse small businesses become credit-ready and gain access to credit. The study included findings of business owners in six segments: African American, Asian American, Hispanic, LGBT, military veteran and women.
Wells Fargo has effectively communicated its long-term commitment to the LGBT community, landing the No. 1 spot on The Top 10 for LGBT Employees list this year. This video of John Stumpf addressing the Out and Equal conference in San Francisco showcases the company’s efforts to reach the LGBT community, as does Wells Fargo’s recent participation in DiversityInc’s LGBT Web Seminar.
Its emphasis on veterans earned Wells Fargo a spot on the Top 10 Companies for Veterans list for the second time. For example, the bank has donated $49 million to help military service members, veterans and their families with homeownership, jobs and financial success.
Earlier this year, Wells Fargo hired former U.S. Assistant Secretary of the Office of Disability Employment Policy to a new position leading the company’s People with Disabilities segment to expand the company’s capabilities and programs dedicated to serving customers with disabilities.
Providing Outstanding Service: Wells Fargo uses its employee-resource groups, which it calls Team Member Networks, to support culturally competent customer relations. The groups include Asian Connection, Black/African American Connection, Diverse Abilities Team Member Network, Latin Connection, Middle East Team Member Network, My Generation Team Member Network (new this year), Native Peoples Team Member Network, PRIDE Team Member Network, Women’s Team Member Network and Veterans’ Team Member Network.
Delivering More Value to Stockholders: Wells Fargo’s stock has gone up steadily in the past decade, now more than doubling the price in 2010, according to Yahoo! Finance. The stock is now trading near its 52-week high.
In the company’s most recent annual report, John Stumpf noted: “In 2014, Wells Fargo generated record earnings for a sixth consecutive year, remaining the most profitable bank in the United States. We also ended 2014 as the world’s most valuable bank by market capitalization.”
Chairman, President, and CEO
“We view diversity and inclusion as a path to innovation for our company. We are working to build a diverse and inclusive organization with the ability to see the world from multiple perspectives. This will help us advance our business model and strategies, see and capitalize on new business opportunities, and will determine our long-term success in the global marketplace.”
Executive Vice President and Head of Enterprise Diversity & Inclusion
“With more than 264,000 team members, we know there is power in mobilizing our global organization around common diversity and inclusion goals and priorities. By doing so, we will create a sustainable culture that is accepting of differences, open to new ideas and able to create a competitive advantage in the marketplace.”
U.S. Headquarters: San Francisco
Global Employees: 272,582
U.S. Employees: 262,765
Last Year’s DiversityInc Top 50 Ranking: No. 17
OTHER DIVERSITYINC LISTS
No. 1 Top 10 Companies for LGBT Employees
No. 7 Top 10 Companies for Veterans
READ MORE ON WELLS FARGO
Peer to Peer Network: How Wells Fargo Successfully On-Boards New ExecutivesTop Companies For Women: What 3 Best Practices They All HaveWomen Execs: What Was Your Best Mentoring AdviceHow Do You Develop Executive PresenceBest Places for Executive Women to WorkTop 10 Tips on Managing Mentoring, Coaching and Sponsorship7 Strategies for Successful Mentoring From Wells Fargo, Pfizer, AT&T, EY, Target, PricewaterhouseCoopers, BaxterWeb Seminar: Diversity Metrics With Wells Fargo, DuPontWells Fargo’s Kathy Martinez: How to Hire and Empower People With DisabilitiesWells Fargo Names Michelle Lee Top East Coast Community Banking ExecWells Fargo Advisers LGBT Insight: Year-End Tax Tips and Considerations for Same-Gender CouplesWells Fargo Advisers LGBT Insight: At Tax Time, What’s Changed for Same-Gender CouplesWells Fargo Advisers LGBT Insight: 6 Things Same-Gender Couples Should Do Before a DivorceWells Fargo Advisers LGBT Insight: Social Security Spousal Benefits and Same-Gender Married CouplesPress Release: Wells Fargo Donates $49 Million to Support Veterans, ServicemembersPress Release: Hispanic Investors Optimistic About the Economy and Political Direction of the Company, According to Wells Fargo SurveyPress Release: Wells Fargo, National Urban League & U.S. Hispanic Chamber of Commerce Partner to Empower Diverse Business OwnersPress Release: Talking About Money Difficult for LGBT InvestorsPress Release: Women’s Business Enterprise Council (WBENC) Announces Annual List of America’s Top Corporations for Women’s Business EnterprisesPress Release: Conversations About Personal Finance More Difficult Than Religion and Politics, According to New Wells Fargo Survey