Wells Fargo & Co <WFC.N> Chief Executive Officer Charles Scharf has apologized for making insensitive remarks around race and diversity, seeking to quell a row over his references to a shortage of talent among minority groups.
www.reuters.com
How do investors feel about their assets possibly being managed by an under-skilled workforce?
LOL, this under-skilled workforce?
"Wells Fargo account fraud scandal

The
Wells Fargo account fraud scandal is an ongoing[
when?] controversy brought about by the creation of millions of fraudulent savings and checking accounts on behalf of
Wells Fargo clients without their consent. News of the fraud became widely known in late 2016 after various regulatory bodies, including the
Consumer Financial Protection Bureau (CFPB), fined the company a combined
US$185 million as a result of the illegal activity. The company faces additional civil and criminal suits reaching an estimated $2.7 billion by the end of 2018.
[1]
Wells Fargo clients began to notice the fraud after being charged
unanticipated fees and receiving unexpected credit or debit cards or lines of credit. Initial reports blamed individual Wells Fargo branch workers and managers for the problem, as well as sales incentives associated with selling multiple "solutions" or financial products. This blame was later shifted to a top-down pressure from higher-level management to open as many accounts as possible through
cross-selling.
The bank took relatively few risks in the years leading up to the
financial crisis of 2007–2008, which led to an image of stability on
Wall Street and in the financial world. The bank's stable reputation was tarnished by the widespread fraud, the subsequent coverage, and the revelation of other fraudulent practices employed by the company. The controversy resulted in the resignation of CEO
John Stumpf, an investigation into the bank led by U.S. Senator
Elizabeth Warren, a number of settlements between Wells Fargo and various parties, and pledges from new management to reform the bank."