Wells Fargo Commits to Racial-Equity Audit Ahead of Hearings
- Move follows reports on mortgage lending and hiring practices
- CEO says lender is committed to equity and closing wealth gap
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Wells Fargo & Co. will commission a third-party racial-equity audit after years of advising shareholders to vote against one, as Chief Executive Officer Charlie Scharf prepares to appear at a pair of congressional hearings.
The audit will examine Wells Fargo’s business in diverse communities and support of diversity in its workforce, according to a statement Tuesday. Wells Fargo hired law firm Covington & Burling LLP to do the assessment and plans to publish results by the end of next year.