Daily Archives: April 7, 2017

City of Los Angeles reviews divestment of funds from Wells Fargo

The city of Los Angeles is reviewing a motion to terminate its investment in Wells Fargo bank.

Councilmembers Paul Koretz, who represents Westwood and other communities in Los Angeles District 5, and Mitch O’Farrell presented the motion to divest from Wells Fargo in March because the bank financially supports the Dakota Access Pipeline and was found responsible for account fraud.

Koretz said he thinks the pipeline would harm the environment and damage the land of Native American tribal nations. For several years, Wells Fargo employees created more than two million fake bank and credit card accounts for customers without their consent or knowledge.

Read on.

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Philadelphia looks to drop Wells Fargo’s handling of city’s $2B payroll

Philadelphia City Council has introduced legislation to remove Wells Fargo & Co.as the bank handling the city’s $2 billion payroll.

City Treasurer Rasheia Johnson’s office sent City Council the results of a request for proposal for the upcoming fiscal year that recommended replacing the San Francisco-based bank with Citizens Bank. Wells Fargo will maintain the remaining $1 billion in business with the city outside of payroll, as that work was not scheduled to be up for bid.

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JPMorgan’s CEO admits his company has a black talent problem—and the finance industry should listen

Everything is “exceptional” and “extraordinary” at JPMorgan Chase, according to CEO Jamie Dimon’s annual letter to shareholders. But the firm has “simply not met the standards set for [itself]” on one initiative: hiring black talent.

That will hardly come as a surprise to an industry that’s resolutely lacking in diversity. According to the US Census Bureau, 79% of financial advisors are white, 8% are African American, 7% are Hispanic/Latino, and just 5.7% are Asian.

By some measures, JPMorgan’s diversity record is better than its peers.According to its website, among its professional US workforce, 20% is Asian and 8.7% is Hispanic/Latino. It’s also making progress on gender diversity. 40.5% of US employees are women. It promotes women to leadership positions too. Within global financial services, 30% of Dimon’s direct reports and 30% of its leadership are women.

Read on.