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What does diversity, equity, and inclusion mean to Wells Fargo?
We value and promote diversity, equity, and inclusion in all aspects of business and at all levels. Success comes from inviting and incorporating diverse perspectives.
Meeting the increasingly diverse needs of Wells Fargo’s global customer base is critical for our company’s long-term growth and success. We’re committed to advancing diversity, equity, and inclusion by helping ensure that all people across our workforce, our communities, and our supply chain feel valued and respected and have equal access to resources, services, products, and opportunities to succeed.
We define diversity as the unique combination of various dimensions that makes each of us different from and similar to others. Those dimensions can include — but are not be limited to — age, gender, ethnic heritage, race, physical or mental abilities, sexual orientation, values, religion/spiritual practice, income, family status, education, and geographic location.
Our approach
Our diversity, equity, and inclusion strategy provides common direction and clear goals across Wells Fargo. We focus on three areas:
- Workforce diversity, equity, and inclusion. We strive for a culture with inclusive policies and programs that attract, develop, engage, and retain the best talent.
- Marketplace. We integrate diversity, equity, and inclusion into the business decisions we make every day, including how to increase work with diverse vendors and suppliers.
- Advocacy. We demonstrate leadership and commitment through our interactions in both the workplace and in our communities.
Our structure
- Diversity, Equity & Inclusion councils support our lines of business and international leaders to help implement programs and initiatives.
- Employee Resource Networks are an integral part of our commitment to building a diverse and inclusive culture. They are a place for employees to connect, leverage, learn, build their skills, and impact business outcomes.
To implement diversity, equity, and inclusion in every aspect of our business, we collaborate with key internal partners including Human Resources, Public Affairs, Marketing, and Corporate Communications. Diversity, equity, and inclusion leaders across the company help to strategically implement inclusive practices and behaviors.
Measurement
To create accountability and measure progress, diversity, equity, and inclusion metrics are reported in the annual Diversity, Equity & Inclusion Report.
Our team and Board of Directors
Our team
Why is diversity, equity, and inclusion important to Wells Fargo? We see differences as an asset. We strive to leverage our employee’s differences to anticipate and meet the needs of our customers and communities while tapping into the innovation and creativity that comes from diverse perspectives.
2022 Workforce profile (as of December 31, 2022)
- 238,000 employees globally
- 52% of our global workforce is female; 55% of our U.S. workforce is female
- 46% of our U.S. workforce is racially/ethnically diverse
- 8% of our U.S. workforce self-identify as having a disability
- 4% of our U.S. workforce self-identify as a veteran
- 3% of our U.S. workforce self-identify as LGBTQ+
For more information about our workforce please visit page 6 of the 2023 Wells Fargo DE&I Report
Our Board of Directors
The Governance and Nominating Committee (GNC) of Wells Fargo & Company’s Board of Directors identifies, evaluates, and recommends board nominees who represent a variety of backgrounds, skills, professional and industry experience, and other personal qualities, attributes, and perspectives that contribute to the overall diversity of the Board. Gender, race, and ethnic diversity have been, and will continue to be, a priority for the Board and its GNC in its director nomination process because the GNC and the Board believe that it is essential that the composition of the Board appropriately reflects the diversity of the Company’s employees and the customers and communities they serve.
As described in the Board's Corporate Governance Guidelines, the Board strongly considers diversity in evaluating director nominees. Additional information about the diversity of our Board of Directors is included in our annual proxy statement which is available on our Annual Reports and Proxy Statements page.
Pay equity
To attract and retain talented employees, Wells Fargo offers a total compensation package, including salary, benefits, and incentive pay opportunities, that is competitive with those offered by our key competitors in the businesses and markets where we operate.
- Our compensation principles. Our compensation program is designed to be consistent with our four compensation principles of paying for performance, fostering a risk management culture, attracting and retaining top talent, and encouraging the creation of long-term stockholder value.
Wells Fargo is committed to fair and equitable compensation practices and we regularly review our compensation programs and practices for pay equity.
- Our pay equity review process.
- We conduct an objective, statistical pay equity analysis annually. We include both gender and race/ethnicity in our reviews.
- The results of the review are shared with our Board’s Human Resources Committee.
- Based on our pay equity reviews, we take appropriate actions so that our employees continue to be paid fairly and equitably.
- We are committed to conducting on-going pay equity reviews and continuing to enhance our processes.
In addition, Wells Fargo is committed to attracting, developing, and retaining a diverse and qualified group of employees. That includes:
- Building a diverse pipeline of candidates for positions at all levels of the company, including leadership positions,
- Investing in our future workforce, and
- Promoting diversity, equity, and inclusion awareness through education and training.
Additional information about our diversity, equity, and inclusion efforts can be found in our Environmental, Social, and Governance (ESG) Report and our DE&I Report.
Wells Fargo’s Board of Directors, through its Human Resources Committee, oversees the Company’s human capital management practices, including our talent management and succession planning process, diversity, equity, and inclusion initiatives, and pay equity reviews.
Employee Resource Networks
Open to all employees, Wells Fargo's 10 Employee Resource Networks (ERNs) are organized by individuals connected by a shared background, experience, or other affinity. With the support Wells Fargo provides its over 64,700 members participating in one or more groups, and the programming they create, ERNs play a key role in recruiting and retaining talent. ERNs are dedicated to helping employees with professional growth and education, community outreach, business development, and customer insight.
Our Employee Resource Networks
- Asian Connection
- Black & African American Connection
- Disability Connection
- Hispanic & Latino Connection
- Middle East Connection
- Generation Connection
- Native Peoples Connection
- Pride Connection
- Veterans’ Connection
- Women’s Connection
