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TweetJohn Stumpf, chairman, president and CEO of Wells Fargo, No. 40 on The 2011 DiversityInc Top 50 Companies for Diversity list, has faced his share of challenges. The company’s successful merger with Wachovia combined two large diversity leaders and is a model for other large corporate mergers. But the economic crisis of the past three years, and Wells’ involvement with the subprime crisis, has required an even deeper reliance on diversity to engage employees and reach customers.
Stumpf met one-on-one with DiversityInc CEO Luke Visconti in the bank’s San Francisco headquarters to explore these issues and his personal reasons for valuing diversity. Watch the full video interview below, or read the Q&A, “Interview With Wells Fargo CEO John Stumpf on Subprime Lending, Financial Education & Accountability,” to pinpoint the specific topics relevant to your diversity-management needs.
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John Stumpf Video Contents:
The Subprime-Lending Crisis & Financial Literacy
00:00 The subprime-lending crisis and why Wells Fargo recently was fined $85 million
03:03 Outreach to help consumers stay in their homes
05:31 Taking a role in promoting financial literacy
On the Merger With Wachovia
07:04 Diversity impacts Wells Fargo’s bottom line and future growth
12:35 Serving a diverse customer base is a focal point in Stumpf’s career
16:26 Don’t be colorblind; embrace the differences to build strength
Wells’ Diversity Future
17:38 Where diversity efforts are increasing at Wells Fargo, and their end goal
19:40 Direct reports should be held accountable for accomplishing a diversity plan
21:18 Clarity of diversity advocacy is crucial; it should all be under one umbrella
Multicultural Marketing
22:50 Wells Fargo’s strong history of multicultural marketing, especially to the LGBT community, benefits the company and general marketplace
Personal Connection
26:26 Why does Stumpf get personally involved with diversity efforts?
28:27 John Stumpf shares his personal experience with, and view of, diversity
