INSIDER
Bank CEOs questioned on consumer protections, social issues
Read full article: Bank CEOs questioned on consumer protections, social issuesThe CEOs of the nation’s biggest banks returned to Capitol Hill for a second day Thursday, and Senate Democrats strongly urged them to do more to help and protect their customers, while Republicans questioned whether banks should weigh in on hot-button social issues.
Bank CEOs warn that US economy faces 'daunting' challenges
Read full article: Bank CEOs warn that US economy faces 'daunting' challengesThe CEOs of the nation’s biggest banks have appeared in front of Congress and given a dim view of the U.S. economy, reflecting the financial and economic distress many Americans are facing.
Trump administration targets diversity hiring by contractors
Read full article: Trump administration targets diversity hiring by contractorsTrump’s Labor Department is using a 55-year-old presidential order spurred by the Civil Rights Movement to scrutinize companies like Microsoft and Wells Fargo over their public commitments to diversity. The agency has oversight over the hiring practices of thousands of federal contractors that employ roughly a quarter of all American workers. But he said it’s more likely the Trump administration is using the move as a political tactic ahead of the presidential election. “It’s a chicken-and-egg problem.”The latest actions affecting contractors align with a broader Trump administration trend on matters of race. At least one university, the University of Iowa, suspended its diversity efforts in response the order.
Wells Fargo CEO apologizes for comments about diversity
Read full article: Wells Fargo CEO apologizes for comments about diversityFILE - In this March 10, 2020 file photo, Wells Fargo CEO and President Charles Scharf is seated before he testifies during a hearing of the House Financial Services Committee, on Capitol Hill, in Washington. (AP Photo/Alex Brandon, File)NEW YORK – Wells Fargo CEO Charles Scharf apologized Wednesday for comments he made suggesting it is difficult to find qualified Black executives in the financial industry. Scharf said in a memo to employees “there is a very limited pool of Black talent to recruit from” in corporate America. “Perhaps it is the CEO of Wells Fargo who lacks the talent to recruit Black workers,” said Rep. Alexandra Ocasio-Cortez of New York, on Twitter. The last prominent African American to serve as CEO at a large financial services company was Kenneth Chenault, the former CEO of American Express.