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However, the loans Black and Brown people were receiving were subprime loans which start off cheap, but end up being much more expensive. These predatory loan practices are what fueled the Great Recession. In the 90s, Black homeownership was finally increasing as a result of a government push. Does Joe Biden take advice from ‘the smartest guy he knows’? Charles Scharf, who joined BNY Mellon in July, has laid off staff, consolidated office space and overhauled executive pay as part of broad overhaul. Redlining is a practice in which banks deny or avoid providing credit services to consumers because of racial demographics or the neighborhood where they live. States look to ban noncitizen voting, adopt ranked-choice ballots, Biden would implement public mask mandate, Dream Guns: High end pistols that are worth the price tag, CBS: Trump wins 279 electoral votes in ‘Republican surge’ scenario, Tag team: Polls, media join forces to close in on Trump, Doctor: “Doing This Every Morning Can Snap Back Sagging Skin (No Creams Needed)”, Edward Blum: Colleges shouldn’t use race as factor for admissions, Military passengers subjected to random COVID-19 testing, Daily Beast columnist under fire for Trump anxiety, ‘PTSD’ claim ‘due to things we saw’, Project Veritas sues New York Times over ‘dishonest’ report on ballot-harvesting sting, War and fleece: most inaccurate war movies, DHS chief labels Twitter a ‘threat’ to U.S. security over censorship, D.C. university warns students to stockpile ‘a week of food’ ahead of potential election unrest. See Charles W Scharf's compensation, career history, education, & memberships. All Rights Reserved. FORTUNE may receive compensation for some links to products and services on this website.

think will win today’s election? Black mortgage owners are also statistically charged higher interest rates than white ones and are denied mortgages that white borrowers would be approved for. Friday's weekly recap will let you catch up on the most important and most popular stories of the week. It would include $550 million in homeownership programs for communities of color, and hundreds of millions toward Black-owned businesses and suppliers. About 13% of named executives at financial services companies are a racial or ethnic minority, according to Institutional Shareholder Services. All rights reserved. The millionaire prime also made his net worth from previous work as the … Since 1999, there have only been 18 Black CEOs of Fortune 500 companies. Like much of the political and corporate world, the banking industry has had to face a reckoning in the wake of the death of George Floyd for its role in the racial and economic inequality that Black and other minorities face. This decreases sharply for senior management and executive positions as only 3.2% are Black. Market data provided by Interactive Data. Get email updates with daily headlines and weekly recaps. Wells Fargo CEO Charles Scharf, who took over the bank in October, was grilled by the House Financial Services Committee over the bank’s practices of opening phony accounts in … Copyright © 2020 The Washington Times, LLC. Latest state-by-state vote tallies as ballot-counting goes past Election Day Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell My Personal Information | Ad Choices 
IU junior Tiana Williams uses theater to be an activist. As a result of these practices by Wells Fargo and several other big banks, Black people lost 53% of their wealth. Banks have announced changes to how they lend, and created new programs to spur economic development in communities of color.

Tribune News Service. Within corporate America, only 8% of employees are Black. 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. In an interview with The Associated Press at the time, Chenault called the lack of a pipeline to recruit and retain diverse talent “embarrassing” to the financial services industry. According to a 2019 study conducted by the National Opinion Research Center at the University of Chicago, 58% of Black professionals say they have experienced racism in the workplace. In this case specifically, it emphasizes the lack of representation in corporate America and the dark history of how the financial sector has exacerbated the racial wealth gap between Black and white people. This exacerbated the wealth gap between white and Black families, as the average net worth of a white family is ten times more than the net worth of a Black family. Half of white Americans agreed there is too much attention devoted to racial issues. This discrimination is also seen against customers in big banking. Quiz: US Citizenship Test - Could You Pass? This Monday edition, distributed during the IU basketball season, includes links to articles, columns, podcasts and more. In 1970, the average American homeownership rate was about 60%, contrasting with Black homeownership averaging around 40%. Trump’s odds of winning have surged in the past 48 hours, according to this data scientist’s model, Trump won Florida, but Democrats say they spent $100 million there to distract him from the Midwest, Swing states, COVID, and the Electoral College: Why Trump’s odds of winning are better than they seem, CA Notice at Collection and Privacy Notice, http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. Charles W. Scharf is chief executive officer and president, and a member of the Board of Directors of Wells Fargo & Company.

“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. We must hold companies accountable for their discriminatory views. He released an apology for his comments and pledged to invest in anti-racist policies within the business, as well as develop appropriate recruiting strategies to increase the diversity of their applicant pool. Associated Press The comments and similar statements made in a Zoom meeting, reported by Reuters, led to an intense backlash in Washington and on social media. Independent journalism for more than 150 years, Charles W. Scharf, CEO of Wells Fargo, arrives to testify March 10 during the House Financial Services Committee hearing in Washington, D.C. Like what you're reading? Charles Scharf, chief executive officer of Visa, speaks during the U.S.-Africa Business Forum in New York, Sept. 21, 2016. His net worth increased when he became the Chairman on 1 January 2018.

The Daily Rundown is published Monday through Friday and gives you a quick look at the day's top stories. Wells Fargo in particular has a history of preying on Black and Brown people through predatory loan practices. This should not be considered the norm for corporate companies. Find out what the IDS is saying about IU basketball. These discriminatory practices are not unique to Wells Fargo. Support independent, award-winning college journalism on this site. He resigned in 2007 during the firm’s collapse. Other large banks such as JPMorgan Chase have also faced several lawsuits for discriminatory practices against their customers as well as their employees. Wells Fargo’s CEO Charles Scharf recently came under fire for his comments suggesting there are not many qualified Black executives within the financial sector. These comments highlight deeper issues regarding the lack of representation within corporate America. Citigroup two weeks ago announced it would promote a woman to CEO next year, the first on Wall Street to do so.
Quiz: Can you name these 1970s songs from their lyrics. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. As a result of disappointing diversity and inclusion policies paired with racism in the workplace, 38% of Black professionals consider leaving their jobs to start their own businesses. Who does A.I.

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