How woke is Wells Fargo?

Introduction

Wells Fargo, a major player in the American banking industry, has been making headlines for its involvement in various social justice and progressive causes. In this review, we’ll take a closer look at Wells Fargo’s financial contributions to these causes, its Diversity, Equity, and Inclusion (DEI) policies, mandatory training sessions, support for LGBTQ+ initiatives, and marketing and branding strategies. Our goal is to shed light on how these woke practices impact consumers who prioritize traditional American values.

Financial Contributions to Progressive Causes

Wells Fargo has poured significant funds into progressive causes, particularly in racial equity and social justice.

For example, Wells Fargo made headlines by announcing a $50 million grant to the National Association for the Advancement of Colored People (NAACP), marking the largest single donation the civil rights organization has ever received from a corporation.

“Wells Fargo’s grant will both strengthen the NAACP’s local units and support the organization’s plans to develop a new national headquarters,” this report states.

Notably, Wells Fargo earlier faced allegations of discriminatory mortgage lending against African-American and Hispanic borrowers from 2004 to 2009, resulting in a $175 million settlement with the U.S. Justice Department.

Meanwhile, the bank also donated $150,000 to support the LGBTQ+ community after the Colorado Springs nightclub tragedy.

Prioritization of DEI Policies

Wells Fargo has rolled out comprehensive DEI policies to cultivate a diverse and inclusive workplace. According to their DEI page, the company’s strategy focuses on creating a culture with inclusive policies and programs that attract, develop, and retain diverse talent, ensuring fair and equitable compensation practices​​.

Furthermore, Wells Fargo integrates diversity into its vendor sourcing process.

The bank also partners with organizations like OneTen to close the opportunity gap for Black talent and others without a four-year degree​​. 

However, the bank’s commitment to DEI has been called into question. Wells Fargo has faced allegations of conducting “sham interviews” “with minority candidates it never planned to hire,” according to Daily Journal.

Mandatory Training Sessions

Wells Fargo integrates DEI into its training sessions. In the document “Diversity, Equity, and Inclusion at Wells Fargo,” the bank says: “We’ve provided updated training for recruiters and managers on the diverse candidate slate guidelines, including how they should be applied throughout the recruiting and hiring process.” Wells Fargo says this is part of their commitment to increase diversity representation, though it does not explicitly mention that the training is mandatory.

Support for LGBTQ+ Initiatives

Wells Fargo has shown strong support for LGBTQ+ initiatives through various programs and policies.

Over 30 years ago, Wells Fargo included sexual orientation in its non-discrimination policy and extended domestic partnership benefits to all employees in 1998​​.

They support national LGBTQ+ organizations like The Trevor Project​​, Point Foundation, and Out & Equal Workplace Advocates.

Additionally, the PRIDE Team Member Network provides professional development, mentoring, and community outreach opportunities for LGBTQ+ employees and allies​​.

The bank also offers card designs that “celebrate the LGBTQ community’s legacy, diversity, and history.”

Marketing and Branding

Wells Fargo integrates social activism into its marketing through Corporate Social Responsibility initiatives.

The “Earning Back Your Trust” campaign, launched in 2018 after a scandal, includes environmental commitments like achieving net-zero emissions by 2050 and investing $500 billion in sustainable practices by 2030.

In 2021, Wells Fargo introduced the Inclusive Communities and Climate Bond, supporting renewable energy for underserved communities.

These efforts aim to rebuild customer trust through social and environmental issues.

Conclusion

Wells Fargo’s substantial contributions to progressive causes, such as a $50 million grant to the NAACP, alongside comprehensive DEI policies and strong LGBTQ+ support, mark it as a woke brand. Despite efforts to promote diversity, allegations of “sham interviews” and past discriminatory lending practices raise doubts about its genuine commitment. The bank’s integration of social activism into its marketing further aligns it with progressive values, prompting consumers to critically evaluate their banking choices.