We are Closing our Wells Fargo Account

How many times will the culture of Wells Fargo Bank prove discriminatory at least and predatory at most towards African Americans?

In a company memo, Chief Executive Charles Scharf wrote that it is an “unfortunate reality that there is a very limited pool of black talent to recruit from.” 

Maybe the talent he was referring to was the initiative to open up authorized customer accounts to meet employee sales quotas. Or maybe he was referring to unwillingness to engage in predatory and deceptive lending practices.  If this is what he means when he said there is a “limited pool of black talent,” —then I will take that as a compliment.

Just this past decade alone Wells Fargo Bank has paid out billions in settlements for fraud, unethical and deceptive practices with regards to customer relations.  This large financial institution is a habitual offender.

I don’t think the CEO meant it as an excuse nor had ill intentions.  That’s part of the problem. Those comments were conveyed out of ignorance and the true sentiments of his heart.

I’m ashamed to admit that my husband and I bank with Wells Fargo and have for several years. Today we started the process to close our account.  (It’s a process because we have to reroute direct deposits and automatic billing)

It’s past time for black people to make a statement when it comes to this bank. While a “limited pool of black talent” may be a fallacy, we can make the limited pool of black dollars a quick reality.

One comment on “We are Closing our Wells Fargo Account

  • Deranecque , Direct link to comment

    It is a shame that big corporations consider us “less than’ when it comes to talent and education for employment. It’s sad that this country’s financial system is also rooted in racism and exploitation.

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