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Updated: September 23, 2020

Wells Fargo CEO apologizes for saying the Black talent pool is limited

Photo | Contributed A Wells Fargo branch.

Wells Fargo CEO Charlie Scharf has apologized after he reportedly blamed the lack of diversity at the bank on "a very limited pool of Black talent to recruit from."

In a memo to employees released by the bank, Scharf apologized for what he was was "an insensitive comment reflecting my own unconscious bias."

"There are many talented diverse individuals working at Wells Fargo and throughout the financial services industry and I never meant to imply otherwise," he wrote. "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."

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