One such incident was revealed in an earlier news report which found a significant disparity in the treatment of white loan applicants compared to black applicants.
The audit, which will be conducted by law firm Covington & Burling, will examine the firm’s ties to diverse communities and efforts to promote diversity among its workforce. The audit will include input from stakeholders from both within the firm and outside it. The firm will publish the audit’s findings by the end of 2023.
Charlie Scharf, CEO of Wells Fargo, said the audit is a “critical next step in reinforcing our commitment to racial equity and closing the wealth gap in this country.”