Philadelphia councilmember wants to rename Wells Fargo Center after CEO’s race comments
A proposal has been introduced to revoke the bank's naming rights
FOX Business’ Charlie Gasparino says Wells Fargo chief economist Jay Bryson told BlackRock executives the recession likely ended in April or May and called it the ‘shortest and deepest’ recession on record.
A Philadelphia lawmaker has introduced a resolution to potentially remove Wells Fargo’s name from the professional sports arena used by the NBA’s 76ers and the NHL’s Flyers after racially-charged comments were made by the CEO of the banking giant.
City Councilwoman Cindy Bass has introduced a resolution for Comcast Spectator, which owns the center, to revoke naming rights from Wells Fargo, as reported by The Philadelphia Tribune.
The measure was introduced as a nonbinding resolution, which means it cannot be passed as a law. A vote on the measure, as noted by the publication, would be symbolic as an expression of lawmakers’ viewpoint.
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Spokespeople for Councilwoman Bass’s office and Comcast Spectator did not return FOX Business’s request for comment on the resolution.
Wells Fargo CEO Charlie Scharf came under fire for attributing a lack of diversity at the bank to “a very limited pool of Black talent to recruit from,” which was first reported by Reuters.
Scharf has since apologized for those comments, saying “there are many talented diverse individuals working at Wells Fargo” and throughout the industry.
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Wells Fargo has been plagued by scandals since it was revealed in 2016 that employees were creating fraudulent accounts for customers without their approval.
Wells Fargo is the largest U.S. bank by employee head-count.