A Wells Fargo executive who has been the focus of a gender bias investigation will retire, according to an internal memo.
Jay Welker, Wells Fargo’s head of private banking and wealth management, will retire at the end of march, according to a Wall Street Journal report. Welker was the focus of an investigation into gender bias in Wells Fargo’s wealth and investment management unit, according to WSJ. Some female executives alleged discriminatory treatment by Welker, saying that he often called women “girls” or told them to put their “big-girl panties on,” WSJ reported.
Wells Fargo declined to comment on Welker’s retirement, according to WSJ. The bank had previously said that it was “committed to promoting diversity and inclusion in all aspects of our business.”
The bank’s entire wealth and investment management unit, which includes Welker’s division, has been embroiled in scandal for months. Whistleblowers claim that the unit’s financial advisors pressured clients into products or investing platforms that generated more money for the bank rather than the best returns for customers, WSJ reported. The Justice Department, the Securities and Exchange Commission and the Labor Department are currently investigating the unit.