'Sham interviews' | Wells Fargo faces lawsuit from investors for fake DEI interviews

Wells Fargo, its CEO, and two other executives at the firm are facing a class action lawsuit after allegedly interviewing diverse candidates for high-paying jobs that were already filled.

The lawsuit claims the bank was misleading investors over efforts to increase diversity among its high-ranking staff.

The initiative adopted by the bank in 2020 said half of candidates interviewed for jobs with a salary of over $100,000 needed to be considered ‘diverse’— including factors such as gender, sexual orientation, and disability.

And a federal court in California rejected the bank’s motion to dismiss the case, saying that Wells Fargo went along with the initiative despite knowing it was window dressing.