Charles Scharf

As Wells Fargo CEO Charles Scharf himself admitted, it’s an excuse — and a weak one.

The company has been experimenting with ways to recruit more women and minorities, including a program to hire professionals who had left banking.

Charles Scharf has since apologized that his comments in a virtual meeting this summer were "misinterpreted."

The bank is under growing pressure to lower costs.

The shift comes after the bank reported its first quarterly loss since 2008.

The bank has been in turmoil relative to peers for years. The economic fallout from the coronavirus pandemic only made matters worse.

The firm set aside a record $9.5 billion for credit losses, about $4 billion more than analysts had expected, as it braces for a wave of coronavirus-related defaults.

The move would potentially set a bleak precedent for an industry that’s been resisting mass layoffs as the coronavirus pandemic worsens.

The bank says an announcement on how far the current 51-cent payout would drop is expected in mid-July.

Members of the bank’s operating committee will be evaluated annually on how much they have increased representation and inclusion of diverse employees in the operations they oversee.

Shares of the bank have touched a 10-year low.

Unlike recent affairs that were marred by protests, this year's meeting — held online because of the coronavirus outbreak — went smoothly as investors overwhelmingly approved the bank's slate of directors and executive compensation plan.

Its prediction that business conditions will remain weak this year — and into next year — stands in stark contrast to forecasts from political leaders that the economy will rebound quickly from the coronavirus pandemic.

The changes mean smaller universes for some of Wells Fargo’s long-standing business leaders.

It’s been a long tail for the firm that began with the 2016 revelation that employees had opened millions of fake accounts to meet sales goals.

Some of Wall Street's most prominent executives have this in common: a long tenure.

“Everything’s on the table for consideration,” the bank's chief financial officer told investors. “He’s certainly not beholden to decisions that we made previously.”

Scott Powell will oversee the bank’s relations with regulators as it seeks to shed a Federal Reserve-imposed asset cap.

Allen Parker led Wells Fargo during its six-month search for a new chief executive officer.

The hiring marks Charlie Scharf’s first major leadership appointment since he took over the embattled bank last month.