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Wells Fargo CEO apologizes for ‘limited talent’ comment

International business expert, Charlie Scharf, has publicly apologised for saying the Black talent pool “is limited.”

In a new circular to employees, Scharf, who is also the Chief Executive Officer of Well Fargo, apologized for making what he described as “an insensitive comment reflecting” his “own unconscious bias.”

While acknowledging the presence of talent in diverse individuals, the business expert said Well Fargo takes the blame for not reaching its diversity goals.

He insisted that the bank, henceforth, has to “make meaningful progress to increase diverse representation.”

Scharf said: “There are many talented diverse individuals working at Wells Fargo and throughout the financial services industry and I never meant to imply otherwise.

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“It’s clear to me that, across the industry, we have not done enough to improve diversity, especially at senior leadership levels. And there is no question Wells Fargo has to make meaningful progress to increase diverse representation”

His apology followed criticism from the public, after earlier positing to the contrary, claiming that the limitation from the black talent pool was responsible for his company’s inability to reach its diversity goal after 68 years of serving diverse individuals as a financial institution.

Wells Fargo is an American multinational financial services company with headquarter in San Francisco, California.

It is regarded as the world’s fourth-largest bank by market capitalization and the fourth-largest bank in the United States by total assets

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