Wells Fargo manager files lawsuit accusing firm of gender discrimination

On Behalf of | Mar 24, 2022 | Firm News

A sales manager with Wells Fargo Securities LLC has filed a lawsuit accusing the company of widespread gender discrimination, Financial Advisor reports.

The suit was filed last week in California State Superior Court by Vanessa Carney, who has spent 16 years with the firm.
Carney accused Wells Fargo of what she called insidious discriminatory conduct. She said successful, long term female employees were sidelined while the company provided a “free pass to their male counterparts who engage in serious and substantial misconduct.”

In her own particular case, Carney said that despite receiving positive annual reviews she had not been promoted since 2010, was paid less than her male colleagues, and was removed from her unit as retaliation for her complaints. Carney worked in Wells Fargo’s Asset Backed Finance Sales Group until she was moved to the Short Duration Sales Group.

She added that Wells Fargo had tolerated misogynist and racist behavior, and said that the firm’s commitments to diversity and inclusion of women were no more than “window dressing and hollow gesture.” Carney’s complaint said that because her gender prevented her from being promoted to at least managing director, the amount of compensation she had been denied exceeded $1 million.

The lawsuit accused Wells Fargo of a number of violations, including gender discrimination, failure to pay equal wages, retaliation and intentional infliction of emotional distress. Carney is seeking punitive damages, along with injunctive and/or equitable relief, interest, and lawyers’ fees.

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