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Investment Banking

Wall Street knows it’s too white – fixing it won’t be easy

Diversity czars and recruiting changes have done little to bridge the racial gap in finance

When Charles Scharf took over at Wells Fargo & Co. last year, tasked with moving the bank past a fake-accounts scandal, he brought in a cleanup crew of former colleagues from his long career on Wall Street.

A new chief operating officer and heads of public affairs, credit cards and strategic planning had all worked with Scharf at JPMorgan Chase & Co. or Bank of New York Mellon Corp. Another longtime JPMorgan executive joined the board. All are white men.

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