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The Consortium’s Statement on Wells Fargo CEO’s Recent Comments

Wells Fargo CEO Charles Scharf’s recent comments about the “very limited pool of black talent to recruit from,” while not surprising, are indicative of the work that remains if we are to achieve equal opportunity throughout corporate America. In spite of this pervasive assumption, several national organizations exist that have a legacy of producing highly qualified candidates of color. 

With a mission to enhance diversity and inclusion in global business education and leadership, The Consortium for Graduate Study in Management has been cultivating some of the nation’s most diverse and promising business leaders for a half century. The organization is composed of 20 top-tier member schools — all of which rank in the top 40 business schools in the country — and is represented by its vast network of more than 10,000 alumni, 900 students and 90-plus corporate partners. 

Since 1966, The Consortium has assisted both aspiring MBAs, by offering financial, professional and social support, and companies that are committed to diversity by connecting them with this top talent. Consortium members represent all industries and skill sets, and as a long-standing premiere partner, Wells Fargo has access to this robust and growing MBA pipeline. 

At a time when black professionals represent just 1 percent of CEOs of Fortune 500 companies, The Consortium is experiencing its most significant growth to date. Between 2008 and 2020, Consortium member schools collectively experienced a 129 percent increase in enrollment. This year, The Consortium welcomed the largest class of MBAs in the organization’s history: 577 students — nearly half of whom identify as black. 

The Consortium remains committed to producing the nation’s most diverse and talented future business leaders, and we look forward to continuing our partnership with organizations like Wells Fargo to spotlight existing talent and replace false assumptions with strategic, meaningful action.

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