Urges Other Banks to Follow Suit
Contact: Bruce Mirken, Greenlining Institute Media Relations Director, 415-846-7758 (cell)
OAKLAND, CALIFORNIA – The Greenlining Institute praised this week’s announcement by Wells Fargo that it will take a series of concrete steps to boost diversity at decision-making levels, including tying executive pay to progress on diversity goals and creating a new diversity and inclusion position that will report directly to the CEO. The specific goals announced include doubling the percentage of Black leaders in senior management, currently reported to be six percent.
“This is what real leadership looks like, and other banks and large corporations need to follow suit,” said Greenlining Institute Economic Equity Director Adam Briones. “Over the years we’ve heard lots of positive rhetoric about diversity and inclusion, but experience shows that the only way to make real progress is through specific goals and an implementation process that has teeth. This should be a model for all banks and other corporations.”
Over the years, Greenlining’s research has found that while many banks have considerable diversity among relatively low-level employees, that diversity declines sharply at the senior management and board levels, where key decisions are made.
To learn more about The Greenlining Institute, visit www.greenlining.org.