Wells Fargo says diversity initiatives comply with U.S. laws after Labor Dept letter

[Eugene]

Source: Reuters

ESG
OCTOBER 8, 2020 11:03 PM UPDATED 4 HOURS AGO

Wells Fargo says diversity initiatives comply with U.S. laws after Labor Dept letter

By Kanishka Singh
2 MIN READ

(Reuters) - Wells Fargo & Co WFC.N said that its diversity initiatives comply with federal employment laws after it received a letter from the U.S. Labor Department questioning whether the steps were unlawful or discriminatory.

The Wall Street Journal newspaper reported on.wsj.com/2GEGkkD on Thursday that the Labor Department is probing companies with federal contracts which have specific goals to increase diversity.

The department’s Office of Federal Contract Compliance Programs (OFCCP) has sent a letter to Wells Fargo, a company spokesman said late on Thursday.

“Wells Fargo is committed to and taking action to become a more diverse and inclusive company. Numerous efforts are underway to implement changes at all levels of the company, and we are confident that they comply with U.S. employment laws”, the spokesman said.

Microsoft Corp MSFT.O received a similar letter last week. It responded on Tuesday by denying the department's suggestion that its plan to bolster diversity, including by investing $150 million and doubling the number of Black employees in high-ranking positions, amounted to illegal race discrimination..

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Read more: https://www.reuters.com/article/us-usa-wells-fargo-diversity/wells-fargo-says-diversity-initiatives-comply-with-u-s-laws-after-labor-dept-letter-idUSKBN26U094

[BootinUp]

1. disgusting not surprising