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Wells Fargo staged sham job interviews for black, female candidates: report

Wells Fargo staged sham job interviews with minority candidates for positions that had already been promised to others, in line with a former govt on the financial institution who claims he was fired after complaining about it to his bosses.

Joe Bruno, who was an govt within the wealth administration division at Wells Fargo’s company workplaces in Jacksonville, Florida, told The New York Times that he was dismissed final summer time as a part of administration’s retaliation for flagging the problem.

Bruno mentioned that he advised his superiors that the “fake interviews” had been “inappropriate, morally wrong, ethically wrong,” in line with the Times.

The Post has reached out to Wells Fargo and Bruno searching for remark. Shares of Wells Fargo had been buying and selling down greater than 1% as of 11 a.m. Eastern time on Thursday.

Wells Fargo claimed that it let Bruno go for retaliating in opposition to a colleague.

The Times cited Bruno and 7 present and former financial institution workers who claimed they had been advised by their bosses to interview a set of “diverse” candidates although that they had no real looking likelihood of touchdown the job.

Joe Bruno was fired from his job as an executive at Wells Fargo's Jacksonville corporate office after he complained about the sham interviews, according to a report.
Joe Bruno was fired from his job as an govt at Wells Fargo’s Jacksonville company office after he complained concerning the sham interviews, in line with a report.
Joe Bruno/Linkedin

The sham interviews had been as a substitute designed to make the financial institution seem as if it had been striving to diversify its workforce in order that it wouldn’t land in scorching water with authorities regulators, in line with the Times.

A Wells Fargo spokesperson advised the Times that every one financial institution workers had been anticipated to comply with hiring insurance policies and tips.

The nation’s largest mortgage lender has an off-the-cuff coverage to interview minority candidates for open positions.

Bruno, 58, worked as an executive at the bank's wealth management division in its corporate offices in Jacksonville, Florida.
Bruno, 58, labored as an govt on the financial institution’s wealth administration division in its company workplaces in Jacksonville, Florida.
Shutterstock

“To the extent that individual employees are engaging in the behavior as described by The New York Times, we do not tolerate it,” the spokesperson, Raschelle Burton, advised the Times.

The claims made in opposition to Wells Fargo will put one other dent within the financial institution’s popularity which suffered successful after it was fined an eye-popping $4.5 billion by the feds for its fraudulent accounts scandal.

The public relations difficulties haven’t hampered the San Francisco-based financial institution’s backside line.

Wells Fargo earned $5.8 billion within the final quarter of 2021, simply beating Wall Street estimates.

For the complete year, Wells collected $21.5 billion in revenue, or $4.95 per share.

Sales for 2021 got here in at $78.49 billion, a 5% enhance over 2020, when the financial institution reported income of $74.26 billion.

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