In a memo to employees released by the bank, Scharf apologized for what he was was “an insensitive comment reflecting my own unconscious bias.”
In that that memo he said, “We need more diverse representation on our operating committee,” referring to the bank’s top executives. But he then went on to say “While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of Black talent to recruit from.”
“Our progress will not be a straight line given the experience required in some of our roles, but I would ask that you judge our progress two years into my tenure as CEO,” he said later in the original memo.
CNN Business got a copy of that original memo, confirming the Reuters report.
“As I said in June, I have committed that this time must be different,” he said about the need to have a more diverse management ranks at the bank. He said he’s “encouraged by our early progress” to address that need.