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Wells Fargo Ties Senior Executive Pay to Improving Diversity

Wells Fargo & Co. Bank Locations Ahead Of Earnings Figures
Photographer: Mark Kauzlarich/Bloomberg
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Wells Fargo & Co. Chief Executive Officer Charlie Scharf, who vowed last month to do more to improve diversity within the firm’s ranks, is tying executives’ pay to their progress in doing so.

Members of the lender’s operating committee will be evaluated annually on how much they have increased representation and inclusion of diverse employees in the operations they oversee and it will have an impact on their pay packages set at year-end, Scharf told staff in a memo Tuesday.