New Scorecard: Big Banks Fall Short on Diversity

New Scorecard: Big Banks Fall Short on Diversity

The Committee for Better Banks, a group of bank workers who are organizing for better working conditions with CWA, released a new racial justice report grading 13 big banks on diversity measures. The report shows that Black and Latino workers face particularly tough odds of getting higher paid positions at leading U.S. banks compared to their white counterparts.

Wells Fargo account resolution specialist Ted Laurel of San Antonio, who is Mexican-American, told CNN that he has held the same position with the company for eight years and has never been promoted despite receiving multiple raises and positive reviews from managers at his call center.

Laurel, an Army Reserve veteran and father of eight, also said that he and his fellow employees, many of whom have had similar experiences at Wells Fargo, have been demanding change ever since the company’s CEO Charles Scharf came under fire for blaming the bank’s lack of Black executives on a “very limited pool of Black talent to recruit from” in a memo circulated in the aftermath of the George Floyd tragedy last June.

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