How DEI backlash is hurting Black-owned businesses [Yahoo! Finance]
Wells Fargo & Company (WFC)
Last wells fargo & company earnings: 4/14 07:46 am
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Source: Yahoo! Finance
This trend is particularly noticeable to Black midsize business owners, according to a qualitative survey from Wells Fargo analyzing the opportunities and challenges Black middle market business leaders face. The companies in the Wells Fargo survey had annual revenues ranging from $20 million to $500 million. Moses Harris, head of the Black and African American division for Wells Fargo commercial banking, emphasizes the potential of Black-owned middle market companies. Despite their current rarity, these companies are among the fastest-growing in an overlooked but incredibly powerful segment of the economy. Their 17.7% year-over-year revenue growth from 2022 to 2023 significantly outpaced the total middle market's 12.4%. Supplier diversity programs, designed to actively seek out suppliers and service providers certified as minority business enterprises, have been a key driver of their success. That's become less true as DEI backlash—both willingly and unwillingly—stunts large com
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