Well Fargo bank exec who named women as & # 39; girls & # 39; and said that they had to put on their big girls' panties & # 39; is retiring
- Jay Welker, head of Wells Fargo's asset management and private bank division, will retire at the end of March
- There were complaints that Welker used humiliating and sexist language
- The bank investigated all allegations in the asset management unit in general
- & # 39; There is undeniably no gender prejudice & # 39 ;, says a senior executive
- Research was the result of the allegations of female senior executives who said that women are systematically belittled or blocked for promotions
- Wells Fargo spent months interviewing dozens of women for the study
A top bank director who assists female workers & # 39; girls & # 39; mentioned and reportedly said that they were their "big girl's trousers & # 39; to attract, is to resign next year.
Wells Fargo confirmed that Jay Welker, head of the private bank, will retire next year in March.
The news was first reported by the Wall Street Journal, which referred to an internal memo, but in which the accusations were not mentioned.
A complaint was filed against Welker as part of a larger internal investigation into allegations of discrimination by female executives in Wells Fargo's asset management service.
Jay Welker, head of Wells Fargo's asset management division, retires at the end of March after female executives have complained. Welker used humiliating and sexist language
The bank eventually spent months interviewing dozens of women after complaints had been filed about the systemic belittling of female executives & # 39 ;, according to the Journal.
Jon Weiss, head of Wealth and Investment Management at Wells Fargo, stressed managers in a call last week that & # 39; there is unequivocally no preference for gender & # 39; in the unit.
& # 39; We take seriously any accusations raised by a team member or a team member. We ensure that the concerns raised are examined thoroughly and objectively, while we take measures to protect confidentiality.
Once an investigation is complete, we are committed to take appropriate action & # 39 ;, a spokesperson for the bank said in a statement to CBS News.
Wells Fargo spent months interviewing dozens of women for the study. Welker, is reportedly often & # 39; girls of the woman & # 39; or had said that they were their "big girl's trousers & # 39; to put on
The bank is committed to promoting diversity and inclusion in all aspects of our business & # 39 ;, the spokesman added.
Wells Fargo went through a crisis of his own after it was embroiled in a scandal about his sales tactics that broke out in 2016, which led to the downfall of John Stumpf when his CEO and the bank cost $ 185 million in fines.
Wells Fargo in August revealed a & # 39; calculation error & # 39; in the mortgage change procedure where 545 homeowners were foreclosed.
The bank was also recently seen in research by Stanford University, professor of finance Amit Seru, and two co-authors who found that men in the financial sector are more than twice as likely to be guilty of misconduct than women, but women are 20 percent more likely to be made redundant for violations.
The researchers said Wells Fargo had the biggest discrepancy between the financial institutions investigated, so that women advisors were much more often debated than male advisers.