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The upcoming audit surfaces as Wells Fargo navigates several issues with a racial undercurrent. The bank in March came under fire after a Bloomberg analysisfound the bank accepted 72% of mortgage refinance applications from White borrowers in 2020 but 47% from Black applicants. Wells Fargos numbers improved marginally in 2021. Still, the issue and others prompted Sen. Sherrod Brown, D-OH, to call on Scharf ro fix Wells shortcomings once and for all.

Additionally,about a dozen current and former Wells Fargo employees told The New York Times in May that the bank held phony job interviews for nonwhite and female job-seekers for positions that had already been offered to other candidates. The effort was allegedly meant to satisfy the banks diverse slate policy, which mandates that at least half of candidates interviewed for certain positions be of a diverse background. The bank paused that policy in June to review it, and instituted changes in August.

Scharf himself landed in hot water in 2020, after characterizing the pool of potential Black candidates as very limited. Wells Fargo that year pledged to double Black leadership by 2025 and tie operating committee members diversity efforts to their pay.About 9% of the banks U.S. executives are Black as of December 2021, up from 5.8% a year earlier, the bank said in a Tuesday press release.

Wells Fargo is hardly the first bank to agree to a racial-equity audit. Among Wells peers, Citipledged to do so last October, and JPMorgan Chase followed in March.

The notion hasnt always been popular. Wells Fargo this year and last advised its shareholders against voting for such an audit, Bloomberg reported.

The banks announcement comes, too, as Scharf prepares to testify next week in front of the House Financial Services Committee in a hearing on accountability. A similar hearing with the Senate Banking Committee has yet to be scheduled.

Covington & Burling, which counts former U.S.Attorney General Eric Holder in its leadership, has previously conducted racial audits for companies in trouble. The law firm helmed Starbucks racial equity audit in 2019, not long after two Black men were accused of trespassing and were arrested in a Philadelphia store despite explaining that they were there for a business meeting.

The incident went viral and Starbucks, which had tried and failed to strike up a conversation on race relations after Michael Brown was killed in Ferguson, Missouri, in 2015, was forced to face allegations of racial discrimination in its stores head on.

Starbucks made several changesfollowing Covington & Burlings audit, including expanded training and opening more stores in underserved communities.

In its press release Tuesday, Wells Fargo listed several initiatives it has launched to boost racial equity. Its invested $50 million in 13 Black-owned banks and roughly $420 million in 200 community development financial institutions and nonprofits that serve mostly nonwhite business owners; and has given $107 million in scholarships and programming to historically Black colleges and universities and minority-serving institutions, it said.

The bank last week awarded $7.5 millionto the Harris County Homeownership Collaborative in Houston, the first of eight grants in a larger homeownership effort.

Read more:
Wells Fargo agrees to third-party racial-equity audit - Banking Dive

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Peloton Interactive, Inc. (NASDAQ: PTON) today announced changes to its leadership team.

The company has accepted the resignations of John Foley as Executive Chair and Hisao Kushi as Chief Legal Officer, effective September 12, 2022 and October 3, 2022, respectively.

John Foley co-founded Peloton in 2012 and is credited with leveraging his tech and business experience to build the company into the largest interactive fitness platform in the world. Having previously been the company's CEO for 10 years, he became Executive Chair in February 2022. He is largely viewed as the pioneer who was the driving, creative force behind today's global connected fitness industry.

The Board has appointed Karen Boone as Peloton's Chairperson of the Board. Boone was first elected to Peloton's Board as Audit Committee Chair in 2019 and subsequently named Lead Independent Director in October 2021. She previously served as President, Chief Financial and Administrative Officer of Restoration Hardware (RH). During her tenure at RH, Boone led the company through tremendous growth, the transition to its current membership model, as well as through several key financial milestones and transactions.

Hisao Kushi was a co-founder of Peloton and played a key role in the company's growth and global scale. He has served as the company's Chief Legal Officer since 2015. Over the course of his tenure, Kushi guided the execution of the company's M&A activities, crafted the novel music license deals which are the backbone of the Member experience, and protected emerging IP that ultimately shapes today's connected fitness industry.

Tammy Albarrn will replace Kushi as Chief Legal Officer and Corporate Secretary for Peloton, effective October 3, 2022. In her new role, Albarrn will manage the Legal, Compliance, and Policy functions. Albarrn is one of the technology industry's most well-regarded legal executives and brings a wealth of experience to the job, having served most recently as Chief Deputy General Counsel and Deputy Corporate Secretary at Uber Technologies, Inc. During her time at Uber, Albarrn oversaw Uber's global legal teams and was a driving force behind the company's cultural transformation. Albarrn was also a key champion of the company's diversity, equity, and inclusion efforts. Prior to Uber, Albarrn was a securities litigation and investigations Partner at Covington & Burling LLP, working alongside former Attorney General Eric Holder. Together, Albarrn and Holder co-authored the high-profile report that resulted in profound changes at Uber.

Peloton's incoming Chairperson of the Board, Karen Boone, said, "We are immensely grateful to John and Hisao for having the vision, ambition, and commitment to turn Peloton into the iconic consumer brand it is today. Not only did they succeed in building a great company, they transformed an entire industry by leveraging fitness and technology. Their impact will resonate long after their departure."

Peloton co-founder and former Executive Chair John Foley said, "As I reflect on the journey Peloton has been on since we founded it, I am so proud of what we have built together. From day one, the incredible talent we've had on our team and the dedication, hard work, and creativity of every Peloton employee are what got us to where we are today. We founded the company because we wanted to make fitness and wellness convenient, fun, and effective. Because of the work of thousands of people, we've done that.

Now it is time for me to start a new professional chapter. I have passion for building companies and creating great teams, and I am excited to do that again in a new space. I am leaving the company in good hands: The Leadership Team with the support of the Board is going to take Peloton to the next level as a company, and I am happy to know our Members are going to continue to be surprised, delighted, engaged, and excited about everything that is in store (looking at you, rower!).

Goodbyes are never easy, but I don't view this as goodbye. I will always be a Peloton Member and a passionate advocate for our mission. So until we meet again, stay safe and strong. And I'll see you on the leaderboard."

Peloton CEO Barry McCarthy said, "I would like to offer my gratitude to John and Hisao for their shared vision, dedication, and passion for Peloton. Through their hard work, they have given the world the connected fitness industry and created a platform that empowers each of us to be the best version of ourselves. We are indebted to them for their countless contributions."

McCarthy continued, "I would also like to congratulate Karen and Tammy, and I'm confident both will leverage their unique experiences to help move the company forward into our next chapter of growth."

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Peloton (PTON) has accepted the resignations of John Foley as Executive Chair - StreetInsider.com

The stock price of Peloton (PTON) fell by over 4% today.

Why: Peloton announced changes to its leadership team. The company accepted the resignations of John Foley as Executive Chair and Hisao Kushi as Chief Legal Officer, effective September 12, 2022and October 3, 2022, respectively.

Foley co-founded Peloton in 2012 and is credited with leveraging his tech and business experience to build the company into the largest interactive fitness platform in the world. And having previously been the companys CEO for 10 years, he became Executive Chair in February 2022. He is largely viewed as the pioneer who was the driving, creative force behind todays global connected fitness industry.

The Board appointed Karen Boone as Pelotons Chairperson of the Board. And Boone was first elected to Pelotons Board as Audit Committee Chair in 2019 and subsequently named Lead Independent Director in October 2021. She had previously served as President, Chief Financial and Administrative Officer of Restoration Hardware (RH). During her tenure at RH, Boone led the company through tremendous growth, the transition to its current membership model, as well as through several key financial milestones and transactions.

Hisao Kushi was a co-founder of Peloton and played a key role in the companys growth and global scale. And he has served as the companys Chief Legal Officer since 2015. Over the course of his tenure, Kushi had guided the execution of the companys M&A activities, crafted the novel music license deals which are the backbone of the Member experience, and protected emerging IP that ultimately shapes todays connected fitness industry.

Tammy Albarrn is going to replace Kushi as Chief Legal Officer and Corporate Secretary for Peloton, effective October 3, 2022. And in the new role, Albarrn will manage the Legal, Compliance, and Policy functions. Albarrn is one of the technology industrys most well-regarded legal executives and brings a wealth of experience to the job, having served most recently as Chief Deputy General Counsel and Deputy Corporate Secretary at Uber Technologies. During her time at Uber, Albarrn oversaw Ubers global legal teams and was a driving force behind the companys cultural transformation. Albarrn was also a key champion of the companys diversity, equity, and inclusion efforts. Before Uber, Albarrn was a securities litigation and investigations Partner at Covington & Burling LLP, working alongside former Attorney General Eric Holder. Together, Albarrn and Holder co-authored the high-profile report that resulted in profound changes at Uber.

KEY QUOTES:

We are immensely grateful to John and Hisao for having the vision, ambition, and commitment to turn Peloton into the iconic consumer brand it is today. Not only did they succeed in building a great company, they transformed an entire industry by leveraging fitness and technology. Their impact will resonate long after their departure.

Pelotons incoming Chairperson of the Board Karen Boone

As I reflect on the journey Peloton has been on since we founded it, I am so proud of what we have built together. From day one, the incredible talent weve had on our team and the dedication, hard work, and creativity of every Peloton employee are what got us to where we are today. We founded the company because we wanted to make fitness and wellness convenient, fun, and effective. Because of the work of thousands of people, weve done that.

Peloton co-founder and former Executive Chair John Foley

I would like to offer my gratitude to John and Hisao for their shared vision, dedication, and passion for Peloton. Through their hard work, they have given the world the connected fitness industry and created a platform that empowers each of us to be the best version of ourselves. We are indebted to them for their countless contributions.

Peloton CEO Barry McCarthy

Read more:
Peloton (PTON) Stock: Why It Fell Over 4% Today - Pulse 2.0

Foreign heads of state and their partners attending the state funeral of Queen Elizabeth II have been asked to arrive in the UK on commercial flights and have been banned from using helicopters to move around the capital.

In addition, they have been told they will not be able to use their own official cars to attend the funeral, scheduled for Monday 19 September, but will instead be bussed to Westminster Abbey from a site in west London en masse, Politico reports.

Official documents obtained by the outlet circulated to embassies on Saturday also confirmed that only the heads of state and their partner from each country have been invited.

The official capacity of Westminster Abbey is 2,200 people, and it is expected to be full to the point that having more than one senior representative for each nation plus a spouse would be untenable.

The Foreign Commonwealth and Development Office said in the protocol document that it regrets that, because of limited space at the state funeral service and associated events, no other members of the principal guests family, staff or entourage may be admitted.

Those heads of state unable to attend are asked to choose another representative such as a head of government or senior minister.

King Charles III will host a reception for overseas leaders at Buckingham Palace on Sunday 18 September, the evening before the funeral.

In addition, heads of state are invited to attend the lying-in-state of the queens body, and sign the condolence book at Lancaster House immediately afterward.

While at Lancaster House, they will also be able to deliver a tribute to the late queen of up to three minutes, which will be recorded for the media.

On the day of the funeral, there will be tight security and road restrictions across much of central London and therefore heads of state have been told to meet at a site in west London from where they will be escorted to the abbey in coaches.

After the service, foreign leaders are invited to attend a reception hosted by Foreign Secretary James Cleverly at Deans Yard, within the grounds of the abbey, to which they will be escorted on foot.

They will then be returned to the site in west London by coach to collect their cars.

Multiple and comprehensive layers of security will be in place across London and at all the official venues used for the state funeral and associated events, another FCDO document states that details logistics for those traveling from overseas.

It further warns thatbecause of the extensive ceremonial programme related to the state funeral and the logistical challenges, requests for bilaterals will not be considered on this occasion, in line with the rules of the governments mourning period.

There is also a warning that where possible foreign leaders should arrive in the UK on commercial flights as there will be no arrangements made for private aircraft at Londons Heathrow Airport.

Instead, it is recommended that planes are routed to less busy airports around the capital. The document also warns that the use of helicopters to transfer from airports to other venues is banned due to the expected congestion in the regions airspace notably there is also a warning that unforeseen events may require commercial and private flights to divert from the intended airport of arrival.

The reports of the protocol information from the FCDO come shortly after the White House confirmed that President Joe Biden has officially accepted an invitation to the state funeral and will be attending with first lady Jill Biden.

There has been much speculation as to whether there might be a more sizeable US delegation similar to that at the funeral of Nelson Mandela in South Africa in December 2013.

On that occasion, President Barack Obama and first lady Michelle Obama were joined by former president George W Bush and his wife, Laura; Hillary Clinton, the former secretary of state; and several senior White House advisers. Former President Jimmy Carter also attended the funeral.

Others who joined them were the attorney general, Eric Holder, national security adviser Susan Rice and economics adviser Valerie Jarrett.

Former presidents Jimmy Carter and Bill Clinton and his daughter, Chelsea Clinton, travelled separately. Beyond that, two dozen US lawmakers also flew out to South Africa.

Judging by the tone of the FCDO document, such a large delegation seems highly unlikely for the Queens funeral though this is not yet confirmed but it does neatly sidestep the looming question of whether former presidents including Donald Trump would be able to go and the potential awkwardness of having two such bitter political rivals in attendance.

The Bidens would likely arrive on Air Force One, as the aircraft can land at RAF Mildenhall in Suffolk.

Despite its status as a Royal Air Force base, it primarily supports United States Air Force operations and is currently the home of the 100th Air Refueling Wing.

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Foreign leaders to be bussed to Queens funeral as private jets and helicopters banned - The Independent

By Edward Henderson | California Black Media

(CBM) On Aug. 15 on what would have been his 37th birthday, the late Grammy-nominated rapper, entrepreneur and philanthropist Nipsey Hussles was honored with a star on the Hollywood Walk of Fame.

He is the 11th rapper to have a Walk of Fame star.

Hussles fans, family and friends from the industry attended the ceremony.

I think I speak for the entire city of LA when I say that weve known Nip was destined for greatness, said Lauren London, Hussles longtime girlfriend who spoke at the ceremony. This moment only amplifies that for us. Nip would have been honored by this moment. I think he would want everyone to remember that you cant get to whats possible unless you commit to moving forward. It doesnt mean forgetting where you come from, but it requires acknowledging the reality you were born into and the power you have to change that reality for the better.

Los Angeles City Councilmember Marqueece Harris-Dawson declared Aug. 15, Nipsey Hussle Day in Los Angeles.

Today, on his born day, we finally got him a star on the walk of fame. Rest in Paradise Nip Assemblymember Isaac Bryan (D-Los Angeles) a guest in attendance at the 30-minute ceremony posted on Twitter.

Born Airmiess Joseph Asghedom, Hussle was a Los Angeles native who rose to fame in the mid-2000s. After gaining notoriety locally following the release of a string of mixtapes, his gritty sound and inspirational spirit captivated listeners imaginations. He became more famous as he sold physical copies of his mixtapes for $100 each, an unheard-of strategy given the music was available digitally for free. This declaration of self-worth caught the attention of his fans and the music industry at large. Jay-Z famously bought 100 copies of the mixtape in a show of respect and support.

Hussles crowning musical achievement was the release of his 2018 album Victory Lap. The effort received a Best Rap Album Grammy nomination in 2019. In 2020, at the 62nd Grammy Awards, he posthumously earned three more nominations and took home two wins for Best Rap Performance and Best Rap/Sung Performance.

His impact on the community impact grew with the opening of his Marathon clothing store in the heart of the Crenshaw commercial district. The store gave customers access to exclusive music along with the clothing. Hussle would go on to buy the entire shopping mall that surrounded the Marathon clothing store, in which he invested in STEM technology workspaces and housed other local entrepreneurs.

On March 21, 2019, Hussle was killed outside of his Marathon store by Eric Holder who last month was found guilty of first-degree murder. Following his death, there was an outpouring of tributes. People in his community, across California and around the country honored his life with murals, vigils and other remembrances, reflecting the impact Hussle had on California and the hip hop community worldwide.

While the Marathon store has closed, the location remains a memorial to Hussle where fans pay daily tribute to his memory. There are plans to open a second store on Melrose Avenue. However, no date has been set for its opening.

Writer and sports media personality Justin Tinsley narrated an ESPN 30 for 30 special about Hussle and his close relationship with athletes and the sports world, particularly LA Sports.

That star on the Walk of Fame is symbolic of so much, said Tinsley. Nipsey is one of those people who will always be remembered, yes, as an incredible rapper. But even more than that, he was a man who had a vision for himself and his people. He put that into action and the result of which will keep his name alive for generations of Black folk. Thats so beautiful and its inspiring that he cared so much to do everything he did. But that star is also symbolic of everything we lost with him to. Everything he was yet to think of. Everything he was supposed to do and accomplish.

Tinsley said he feels the sadness following the senseless murder of Hussle still lingers amongst his supporters but that the joy, pride and motivation he brought to many cannot be forgotten.

Losing Nipsey in the physical sense will never truly make sense. Its something God or whomever you pray to can truly answer. But its such a blessing that we were all given the time to be impacted by him whether up close and personal or from afar. And through all the pain thats still there and will always be there thats how we got to look at it. Grief is a very real emotion. But it shouldnt be the only one when we talk about Nipsey Hussle.

The concept of The Marathon was a staple in Hussles music. Persevering through obstacles to reach your goal and enduring the pain that inevitably comes when striving for greatness. At the conclusion of Londons Walk of Fame induction speech, she referenced this concept and left a message for everyone visiting Hussles monument.

Whenever youre in the City of Angels and you see this star, I hope it encourages you to break away from whatever might be holding you back and for you to run your marathon until God says that it is finished, she said.

CBM exists to facilitate communication between the black community, media, grassroots organizations, and policy makers by providing fact-based reporting to a network of over 21 Black media outlets on leading public policy issues

Related

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Nipsey Hussles Legacy Honored by Star on Hollywood Walk of Fame - Sacramento Observer