Wells Fargo & Company will hire an independent audit from a third party outside the company on racial equity.
Covington & Burling LLP, a company with extensive expertise in managing audits for racial fairness and civil rights in a variety of industries, will carry out the examination. By the end of 2023, the corporation intends to release the assessment’s findings.
More than 200 community development banking institutions and other NGOs have received resources from Wells Fargo’s roughly $420 million Open for Business Fund. As of December 2021, 45% of our U.S. personnel are of various racial and ethnic origins.
Wells Fargo, an American multinational financial services company with corporate headquarters in San Francisco, California made investments in 13 Black-owned banks that are essential in areas where people have little to no access to capital or bank accounts. For its second sustainability bond, which supports access to affordable housing, economic opportunity, renewable energy, and clean transportation, the business worked with 24 varied broker-dealers.