Wells Fargo & Co. said its internal probe revealed no gender bias against women in its wealth management division, The Wall Street Journal reported Nov. 9.
Several female senior executives in the division alleged that qualified women had been passed over for top roles in favor of male applicants, and that they felt ignored when they raised concerns.
A part of the company's investigation focused on a formal gender bias complaint against Jay Welker, president of Wells Fargo's private bank and head of the wealth management division. Welker allegedly told some of the female executives that women should be home taking care of their children. The bank recently said that Welker will retire at the end of March 2019.
