Women at bank convene, allege gender bias in wealth division
About a dozen female executives in Wells Fargo & Co.’s wealth-management division gathered in Scottsdale, Ariz., in June after an internal conference. They’d had enough.
Women should be at home taking care of their children, some of the executives said they had been told over the years by Jay Welker, president of Wells Fargo’s private bank and head of the wealth-management division since 2003. Qualified women had recently been turned down for several top roles that went to male applicants. When the women raised concerns, they felt ignored.
Their frustration culminated in "the meeting of 12" according to half a dozen women who are Wells Fargo executives and who attended the meeting or had direct knowledge of it.
The meeting represented most of the 12 regional managing directors in wealth management, out of 45, who are women. Above them, all seven senior managing directors overseeing regions are men. The other senior wealth-management roles held by women are positions that, because they don't run a line of business or oversee profits and losses, lack the same prestige and responsibility that comes with making money for the bank.
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