A U.S. judge has allowed a lawsuit against Wells Fargo to proceed, alleging the bank deceived shareholders regarding its diversity hiring practices. The lawsuit claims that despite Wells Fargo’s public commitment to diversity, it was holding fake interviews with non-white and female candidates that it had no intention of hiring.
The allegations stem from potential violations of a policy established in March 2020, which aimed for at least 50 percent of job candidates for high-paying positions to be from minority or disadvantaged groups. Shareholders cited testimonies from former employees, an internal whistleblower, and the sudden retirement of a senior manager as supporting evidence of fraudulent intent. Wells Fargo insists on its commitment to diversity, equity, and inclusion, claiming it does not tolerate discrimination in its operations. Lawyers representing shareholders have not yet commented on the developments.
