Wells Fargo has agreed to pay $7.8 million in back pay after being accused of hiring discrimination against more than 34,000 Black applicants who were seeking an array of jobs at the bank, federal labor officials said Monday.
U.S. Labor Department’s Office of Federal Contract Compliance Programs has entered into an agreement with Wells Fargo that obliges the bank to pay back wages and interest to settle claims of hiring discrimination.
Wells Fargo agreed to provide 580 affected applicants with job opportunities as tellers, personal bankers, customer sales and service representatives, and administrative support positions, the federal agency stated Monday.
All told, 34,193 Black applicants endured discrimination by Wells Fargo, the federal government stated.
“The Office of Federal Contract Compliance Programs is satisfied that Wells Fargo has pursued an early resolution conciliation agreement, and addressed the issues found in our review,” Office of Federal Contract Compliance Programs Director Craig Leen said in a prepared release.
San Francisco-based Wells Fargo did not admit liability in the investigation.
“Wells Fargo volunteered to enter into the conciliation agreement and to enhance future compliance proactively,” the Labor Department unit stated.