| Happy hump day! Less than six months into Wall Street acknowledging more needs to be done to diversify its ranks, one financial firm is already making excuses. Wells Fargo chief executive Charles Scharf said during a Zoom meeting over the summer that the bank struggled to reach diversity goals because of a lack of qualified minority applicants, according to a recent Reuters report. "While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of black talent to recruit from," Scharf reportedly said in a subsequent memo, according to Reuters. While some attendees of the meeting were offended by the comments, according to the story, at least one participant described it as "incredibly constructive." The entire piece is worth a read. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals. Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco.
Trading distressed credit is difficult during the best of times. Throw in a global pandemic, where even the most sound business models are at risk, and things can go wrong quickly. Alex Morrell has the scoop on just how bad things can get. Barclays' distressed-credit team is staring down the barrel of $60 million in losses through mid-year. Alex breaks down what exactly has gone wrong for the British bank. Click here to read the full story.
Rebecca Ungarino has the latest update on the battle over a proposal from the SEC on disclosures for money managers. Nasdaq is the latest financial firm to throw its hat in the ring and oppose the idea. Read all the details here.
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