Wells Fargo & Co., the San Francisco-based bank that’s been dealing with a series of scandals and regulatory issues, has temporarily halted the use of diversity guidelines for hiring after a report that staff held fake interviews with minority candidates to satisfy in-house rules.
The firm will “pause the use of diverse slate guidelines for several weeks” as it reviews the matter, Chief Executive Charlie Scharf said in a memo.
“We will continue to actively seek diversity in hiring, even during this pause,” Scharf wrote. “The pause is a chance for us to review our guidelines and processes and to make improvements — it does not mean that anyone at Wells Fargo should stop hiring or stop actively recruiting diverse candidates.”
The New York Times reported last month on the issue, citing current and former employees who said supervisors in the wealth management division had instructed them to interview Black and female candidates for positions that had already been promised to someone else. The paper earlier reported on the memo.
A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.
Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.
Some in the industry say that more UBS financial advisors this year will be heading for the exits.
The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.
Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
