Federal prosecutors open criminal investigation into Wells Fargo hiring practices – NYT


A woman walks past a Wells Fargo bank branch in Washington, DC, U.S., October 8, 2018. REUTERS/Pete Schroeder

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June 9 (Reuters) – Federal prosecutors in New York have opened a criminal investigation into whether Wells Fargo & Co (WFC.N) violated federal laws by conducting fake job interviews, the New York Times reported Thursday, citing people familiar with the matter.

Earlier this week, the bank said in a memo it was suspending a hiring policy that requires recruiters to interview a diverse group of candidates, after another New York Times report said those interviews were often fake and carried out even though the job had already been promised to someone else.

The bank then said it also planned to conduct a review of its various slate guidelines.

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“No one should go for an interview without a real chance of getting an offer, period,” the bank said in response to the media report on Thursday, adding that it had achieved significant results due to its various interview guidelines. slate since 2020.

The bank reiterated that it was conducting a review so that hiring managers, senior executives and recruiters fully understand how the guidelines should be implemented.

Wells Fargo declined to comment on the criminal investigation mentioned in the report.

The New York Times reported last month that a former employee of the bank’s wealth management business complained that he was forced by his bosses to interview people for jobs already promised to others, just to meet the requirement of list diversity.

Diverse hiring is a talent acquisition strategy in which the recruiter starts with an already diverse pool of qualified candidates.

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Reporting by Niket Nishant and Noor Zainab Hussain in Bengaluru; Editing by Maju Samuel

Our standards: The Thomson Reuters Trust Principles.


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