Wells Fargo Faces Lawsuit from Former Manager Over Allegations of Faked Diversity Initiatives

Wells Fargo & Co. is facing a lawsuit from a former manager who alleges he was terminated for advocating for a more diverse workforce and opposing the bank’s practice of interviewing minority candidates for positions that were already filled.

Joseph Bruno, the plaintiff, filed the lawsuit on Thursday, claiming that he spent years attempting to persuade the bank’s executives to adhere to its stated diversity and inclusion goals, often without success.

Bruno was the first to publicly allege in 2022 that Wells Fargo engaged in “sham interviews” with minority candidates. He contends that these interviews were conducted to create the appearance of a commitment to diversity, allowing executives to claim they were making genuine efforts to diversify the workforce.

These allegations prompted the U.S. Department of Justice to initiate a criminal investigation into whether the bank had violated civil rights laws. However, the investigation was later closed without any charges being filed, as noted in a regulatory filing by the bank.

Wells Fargo did not respond to requests for comment outside of regular business hours. The bank has previously dismissed Bruno’s claims as baseless, asserting that any instances of fake interviews were not widespread, if they occurred at all.

Bruno, a Florida resident, worked his way up from a financial adviser to a regional manager overseeing 14 Wells Fargo branches, according to the lawsuit.

Throughout his tenure, he claims that his supervisors resisted his efforts to hire more minority applicants, suggesting that he was overstepping his bounds.

In 2021, Bruno was terminated after the bank accused him of retaliating against an employee who allegedly claimed he favored Black applicants. His lawsuit also accuses the bank of defaming him with false descriptions surrounding his dismissal.

Additionally, Bruno alleges that he faced criticism from one of the bank’s regional presidents for not adequately defending CEO Charles Scharf against accusations of racism that arose following a Zoom meeting with Black employees.

During that meeting, Scharf expressed the bank’s commitment to diversity and inclusion but controversially stated, “The unfortunate reality is that there is a very limited pool of black talent to recruit from.” He later issued an apology for his remarks.

When Bruno first raised concerns about his wrongful termination, Wells Fargo attempted to compel him into closed-door arbitration. However, last month, the Financial Industry Regulatory Authority ruled that he could pursue his claims in open court.

In his lawsuit, Bruno alleges discrimination and retaliation in violation of federal civil rights law and seeks unspecified monetary damages.

The case is titled Bruno v. Wells Fargo & Company, 25-cv-10808, in the U.S. District Court for the Northern District of California (San Francisco).

Photo: A Wells Fargo bank branch in New York (Bloomberg)

Copyright 2025 Bloomberg.

Topics
Lawsuits

Wells Fargo & Co. is facing a lawsuit from a former manager who alleges he was terminated for advocating for a more diverse workforce and opposing the bank’s practice of interviewing minority candidates for positions that were already filled.

Joseph Bruno, the plaintiff, filed the lawsuit on Thursday, claiming that he spent years attempting to persuade the bank’s executives to adhere to its stated diversity and inclusion goals, often without success.

Bruno was the first to publicly allege in 2022 that Wells Fargo engaged in “sham interviews” with minority candidates. He contends that these interviews were conducted to create the appearance of a commitment to diversity, allowing executives to claim they were making genuine efforts to diversify the workforce.

These allegations prompted the U.S. Department of Justice to initiate a criminal investigation into whether the bank had violated civil rights laws. However, the investigation was later closed without any charges being filed, as noted in a regulatory filing by the bank.

Wells Fargo did not respond to requests for comment outside of regular business hours. The bank has previously dismissed Bruno’s claims as baseless, asserting that any instances of fake interviews were not widespread, if they occurred at all.

Bruno, a Florida resident, worked his way up from a financial adviser to a regional manager overseeing 14 Wells Fargo branches, according to the lawsuit.

Throughout his tenure, he claims that his supervisors resisted his efforts to hire more minority applicants, suggesting that he was overstepping his bounds.

In 2021, Bruno was terminated after the bank accused him of retaliating against an employee who allegedly claimed he favored Black applicants. His lawsuit also accuses the bank of defaming him with false descriptions surrounding his dismissal.

Additionally, Bruno alleges that he faced criticism from one of the bank’s regional presidents for not adequately defending CEO Charles Scharf against accusations of racism that arose following a Zoom meeting with Black employees.

During that meeting, Scharf expressed the bank’s commitment to diversity and inclusion but controversially stated, “The unfortunate reality is that there is a very limited pool of black talent to recruit from.” He later issued an apology for his remarks.

When Bruno first raised concerns about his wrongful termination, Wells Fargo attempted to compel him into closed-door arbitration. However, last month, the Financial Industry Regulatory Authority ruled that he could pursue his claims in open court.

In his lawsuit, Bruno alleges discrimination and retaliation in violation of federal civil rights law and seeks unspecified monetary damages.

The case is titled Bruno v. Wells Fargo & Company, 25-cv-10808, in the U.S. District Court for the Northern District of California (San Francisco).

Photo: A Wells Fargo bank branch in New York (Bloomberg)

Copyright 2025 Bloomberg.

Topics
Lawsuits