Bank becomes latest company to join coalition to create one million family –sustaining careers over the next 10 years

Wells Fargo & Company (NYSE: WFC) today announced support for OneTen, a coalition that brings U.S. companies together to improve hiring, retention, upskilling and advancement of Black and African American talent by creating one million family-sustaining careers over the next 10 years and fostering more diverse and inclusive corporate cultures.

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Male Wells Fargo employee shaking hands with another male in front of a teller line. (Photo: Wells Fargo)

“As we continue to drive change at Wells Fargo, we are excited to join the OneTen coalition, which can play a significant role in our efforts to advance diversity, equity and inclusion at the company and in the communities we serve,” said Kleber Santos, Head of Diverse Segments, Representation and Inclusion at Wells Fargo. “We are looking forward to working with OneTen to find ways to alleviate some of the barriers that hinder advancement.”

OneTen is a coalition “committed to ensuring that Black and African American talent with the skills and aptitude to earn success also have the opportunity to achieve success.” OneTen’s mission aligns with commitments set by Wells Fargo to create a more diverse, inclusive and equitable workforce at the company. These commitments include:

• Increasing recruiting staff for outreach to diverse communities
• Partnering with senior leaders to enhance focus on recruiting, promotion and development programs for diverse talent
• Expanding participation in national diversity events, along with a commitment to potentially interview and hire on the spot
• Requiring senior leaders to identify and engage with external diversity-focused organizations related to their line of business or function
• Increasing focus on skills-based hiring
• Factoring DE&I metrics into senior leader compensation

Established in December of 2020 by leading executives, OneTen works with coalition members on a skills-based approach to both source talent for open roles and upskill / promote existing talent within company organizations. OneTen encourages companies to identify roles that pay a living wage, have a low risk of being automated, do not require a four-year degree, and focus on the applicant’s skill set, demonstrated experience, and ability to execute the role.

“We are thrilled to have Wells Fargo join the OneTen coalition and embrace our mission to catalyze opportunities for Black talent to grow the United States economy, specifically in the financial services sector,” said Maurice Jones, Chief Executive Officer of OneTen. “At OneTen, we believe that connecting Black talent with family-sustaining careers will transform the prospects of those families, companies and the American project. We look forward to working closely with Wells Fargo to achieve our common goals.”

Wells Fargo, now one of nearly 50 companies that are part of the OneTen coalition, will begin the onboarding process that includes determining the number of jobs, geographic locations, new hires and promotions the company will target as part of the commitment. OneTen matches its coalition members with talent developers that will align their working groups to help source candidates for positions. Wells Fargo also will participate in quarterly Community of Practice gatherings that bring the leadership of coalition companies together to inspire and share information and best practices as each works to achieve goals of this commitment.

“Joining this coalition gives Wells Fargo another great resource and partner to reach diversity and inclusion goals in our workforce,” said Carly Sanchez, Head of Talent Acquisition, Wells Fargo. “OneTen brings a unique approach to sourcing talent and we are looking forward to working with the team to expand employment opportunities and identify a broader pool of talented candidates who are a great match for Wells Fargo positions.”

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies and small businesses in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.

Cautionary Statement about Forward-Looking Statements

This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the “Forward-Looking Statements” discussion in Wells Fargo’s most recent Quarterly Report on Form 10-Q as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018, available on its website at www.sec.gov.

About OneTen

OneTen is a coalition of leading chief executives and their companies who are coming together to upskill, hire and promote one million Black individuals over the next 10 years who do not yet have a four-year degree into family-sustaining jobs with opportunities for advancement. We connect employers with talent partners, leading non-profits and other skill-credentialing organizations who support the development of diverse talent. By creating more equitable and inclusive workforces, we believe we can reach our full potential as a nation of united citizens. Member corporations include Accenture, ADP, Allstate, American Express, Amgen, Aon, AT&T, Bain & Company, Bank of America, Berkshire Hathaway Inc., Cargill, Caterpillar, Cisco, Cleveland Clinic, Comcast, Deloitte , Delta Air Lines, Eli Lilly , General Motors, Gilead Sciences, HP Inc., Humana, IBM, Illinois Tool Works, Intermountain Healthcare, Johnson & Johnson, Lowe’s, Medtronic, Memorial Sloan Kettering Cancer Center, Merck, Nike, Nordstrom, Northrop Grumman, Pepsico, Roper Technologies, Stryker, Synchrony Financial Target, Trane Technologies, Verizon, Walmart, Wells Fargo, Whirlpool Corporation, and Yum! Brands. Join us at OneTen.org.

News Release Category: WF-DI

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