Wells Fargo CEO Racist Thinking Embedded at the Top in Corporate America
A report by Reuters cited that Wells Fargo CEO Charles Scharf made, in many people’s opinion, racist comments during a Zoom call. The article states that he said, “While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of Black talent to recruit from,” Scharf said. Interesting how he even qualified his statement in the first half. While he blamed it on unconscious bias, many would argue the alternative. These statements remind African-Americans how racism and white supremacy are deeply entrenched into the everyday fabric of our society.
Ask most Black professionals, and they will tell you racist thinking, behaviors, and practices run rampant in the C-suite of companies in America. Wells Fargo has many competent employees who already work at the company’s many locations. Why would he make those types of statements? One answer may be because, in the past, it has given them an out. Most executives are white men and have only seen or worked for others who look like them. They neither care about nor understand the value creation extracted from a diverse team with Black employees being a fundamental part of the organization.
We have many studies on how, as Scharf described it, “unconscious bias” has played a prominent role in the hiring process within Corporate America. This translates into race-based discrimination in the hiring process, promotional opportunities, and vendor selection process, where many Black-owned businesses get passed over. We need to call this out every chance we get and hold executives accountable for their actions.
Scharf’s qualifying of the first part of his statement by saying, “While it may sound like an excuse,” reminds me of reading Thomas Jefferson’s “Notes from Virginia,” where some argue he put into words the first American white supremacy doctrine. He qualified many of his racist statements, such as, “It will be right to make great allowances for the difference of condition, of education, of conversation, of the sphere in which they move.” Preceding this statement and continuing after it, Jefferson feels he needs to put his evil, racist thoughts on paper and becomes an early pioneer in scientific racist theory. Of course, Scharf’s statements are not equivalent to the same intent; however, they can allow for benign neglect towards Black professionals and Black people as a group.
Wells Fargo has sizeable sums of Black money in deposit accounts and many Black employees at its locations like Charlotte, NC. The least it could do is pretend to care and not provide excuses. It is up to us to keep the pressure up and hold them accountable, especially when they benefit from our consumerism.