five of the six largest economies in the region will be run by leaders who campaigned from the left.

focused on austerity, is reducing spending.

What does link these leaders, however, are promises for sweeping change that in many instances are running headlong into difficult and growing challenges.

have plummeted.

Ninety percent of poll respondents told the polling firm Cadem this month that they believed the country’s economy was stuck or going backward.

Like many neighbors in the region, Chile’s yearly inflation rate is the highest it’s been in more than a generation, at 11.5 percent, spurring a cost-of-living crisis.

In southern Chile, a land struggle between the Mapuche, the country’s largest Indigenous group, and the state has entered its deadliest phase in 20 years, leading Mr. Boric to reverse course on one of his campaign pledges and redeploy troops in the area.

Catalina Becerra, 37, a human resources manager from Antofagasta, in northern Chile, said that “like many people of my generation” she voted for Mr. Boric because Mr. Kast, “didn’t represent me in the slightest.”

according to the Institute of Peruvian Studies — is now subject to five criminal probes, has already faced two impeachment attempts and cycled through seven interior ministers.

40 percent of households now live on less than $100 a month, less than half of the monthly minimum wage — while inflation has hit nearly 10 percent.

Still, despite widespread financial anxiety, Mr. Petro’s actions as he prepares to assume office seem to have earned him some support.

He has made repeated calls for national consensus, met with his biggest political foe, the right-wing former president Álvaro Uribe and appointed a widely respected, relatively conservative and Yale-educated finance minister.

The moves may allow Mr. Petro to govern more successfully than say Mr. Boric, said Daniel García-Peña, a political scientist, and have calmed down some fears about how he will try to revive the economy.

But given how quickly the honeymoon period ended for others, Mr. Petro will have precious little time to start delivering relief.

“Petro must come through for his voters,” said Hernan Morantes, 30, a Petro supporter and environmental activist. “Social movements must be ready, so that when the government does not come through, or does not want to come through, we’re ready.”

Julie Turkewitz reported from Bogotá, Colombia, Mitra Taj from Lima, Peru and John Bartlett from Santiago, Chile. Genevieve Glatsky contributed reporting from Bogotá.

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Unpopular Sri Lankan PM Elected President; Risks New Turmoil

Sri Lankans have taken to the street for months to demand their top leaders step down as the country spiraled into economic chaos.

Sri Lankan lawmakers elected the unpopular prime minister as their new president Wednesday, a choice that risked reigniting turmoil in the South Asian nation reeling from economic collapse.

The crisis has already forced one Sri Lankan leader out, and a few hundred protesters quickly gathered after the vote to express their outrage that Ranil Wickremesinghe — a six-time prime minister whom they see as part of the problematic political establishment — would stay in power.

Sri Lankans have taken to the street for months to demand their top leaders step down as the country spiraled into economic chaos that left its 22 million people struggling with shortages of essentials, including medicine, fuel and food. After demonstrators stormed the presidential palace and several other government buildings last week, President Gotabaya Rajapaksa fled and then resigned.

Much of the protesters’ ire is focused on Rajapaksa and his family’s political dynasty, which ruled Sri Lanka for most of the past two decades. But many also blame Wickremesinghe for protecting Rajapaksa, and during demonstrations last week, crowds set his personal residence on fire and occupied his office.

Wednesday’s vote means Wickremesinghe — who was also Rajapaksa’s finance minister and became acting president after the leader fled — will finish the presidential term ending in 2024. He can now also appoint a new prime minister.

“I need not tell you the status our country is in. Now that the election is over we have to end this division,” Wickremesinghe, 73, told fellow lawmakers after his victory was announced.

But instead protesters flocked to the presidential residence, chanting, “Ranil, go home.”

“We are very sad, very disappointed with the 225 parliament members who we elected to speak for us, which they have not done,” said Visaka Jayawware, a performance artist in the crowd. “We will keep fighting for the people of Sri Lanka. We have to ask for a general election.”

Wickremesinghe has wide experience in diplomatic and international affairs — he noted Wednesday that he had spent 45 years of his life in Parliament — and has led the talks on a bailout package for the bankrupt country with the International Monetary Fund.

But many voters view him with suspicion since he was appointed prime minister by Rajapaksa in May, in hopes he would restore stability.

“The struggle will continue until our demands are met. He doesn’t have a mandate to rule the country,” said Nemel Jayaweera, a human resources professional. “We will oppose him.”

Still, the ruling party’s majority in Parliament swept Wickremesinghe to victory in Wednesday’s vote, with 134 votes. Populist Dullas Alahapperuma, a longtime ally of Rajapaksa and also a minister in his government, secured 82, while a Marxist candidate netted three.

The vote, shown on national television, was a decorous, solemn affair. While the balloting was secret, as the results were announced, lawmakers thumped their tables in support of their candidates.

After the vote, some supporters celebrated Wickremesinghe’s win in the streets. He will be sworn in on Thursday.

Only a few lawmakers had publicly said they would vote for Wickremesinghe given the widespread hostility against him — but dozens loyal to Rajapaksa had been expected to back him because he had assured them he would severely punish protesters who burned politicians’ homes in the unrest.

On Monday, in his role as acting president, Wickremesinghe declared a state of emergency that gave him broad authority to act in the interest of public security and order. Authorities can carry out searches and detain people, and Wickremesinghe can also change or suspend any law.

The political turmoil in Sri Lanka has only worsened the economic disaster. But Wickremesinghe said Monday that negotiations with the IMF were nearing a conclusion, while talks on help from other countries had also progressed. He also said that the government has taken steps to resolve shortages of fuel and cooking gas.

Hours before Wednesday’s vote, the IMF Managing Director Kristalina Georgieva told financial magazine Nikkei Asia that the organization hoped to complete the rescue talks “as quickly as possible.”

As prime minister, Wickremesinghe delivered weekly addresses in Parliament cautioning that the path out of the crisis would be difficult, while also pledging to overhaul a government that increasingly has concentrated power under the presidency.

Presidents in Sri Lanka are normally elected by the public. The responsibility falls to Parliament only if the presidency becomes vacant before the term officially ends.

That has happened only once before in Sri Lanka when then-Prime Minister Dingiri Banda Wijetunga was chosen by Parliament uncontested in 1993 after former President Ranasinghe Premadasa, father of the current opposition leader, was assassinated.

Additional reporting by The Associated Press.

Source: newsy.com

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Companies Scramble to Work Out Policies Related to Employee Abortions

There is no clear blueprint for corporate engagement on abortion. After numerous companies came forward to announce that they would cover travel expenses for their employees to get abortions, executives have had to move swiftly to both sort out the mechanics of those policies and explain them to a work force concerned about confidentiality and safety.

Few companies have commented directly on the Supreme Court’s ruling in Dobbs v. Jackson Women’s Health Organization, which ended nearly 50 years of federal abortion rights. Far more have responded by expanding their health care policies to cover travel and other expenses for employees who can’t get abortions close to home, now that the procedure is banned in at least eight states with other bans set to soon take effect. About half the country gets its health care coverage from employers, and the wave of new employer commitments has raised concerns from some workers about privacy.

“It’s a doomsday scenario if individuals have to bring their health care choices to their employers,” said Dina Fierro, a global vice president at the cosmetics company Nars, echoing a concern that many workers have expressed on social media in recent days.

Popular Information. Match Group declined to comment.

tweet: “I believe CEOs have a responsibility to take care of their employees — no matter what.”

Lora Kelley contributed reporting.

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Google Sidelines Engineer Who Claims Its A.I. Is Sentient

SAN FRANCISCO — Google placed an engineer on paid leave recently after dismissing his claim that its artificial intelligence is sentient, surfacing yet another fracas about the company’s most advanced technology.

Blake Lemoine, a senior software engineer in Google’s Responsible A.I. organization, said in an interview that he was put on leave Monday. The company’s human resources department said he had violated Google’s confidentiality policy. The day before his suspension, Mr. Lemoine said, he handed over documents to a U.S. senator’s office, claiming they provided evidence that Google and its technology engaged in religious discrimination.

Google said that its systems imitated conversational exchanges and could riff on different topics, but did not have consciousness. “Our team — including ethicists and technologists — has reviewed Blake’s concerns per our A.I. Principles and have informed him that the evidence does not support his claims,” Brian Gabriel, a Google spokesman, said in a statement. “Some in the broader A.I. community are considering the long-term possibility of sentient or general A.I., but it doesn’t make sense to do so by anthropomorphizing today’s conversational models, which are not sentient.” The Washington Post first reported Mr. Lemoine’s suspension.

fired a researcher who had sought to publicly disagree with two of his colleagues’ published work. And the dismissals of two A.I. ethics researchers, Timnit Gebru and Margaret Mitchell, after they criticized Google language models, have continued to cast a shadow on the group.

neural network, which is a mathematical system that learns skills by analyzing large amounts of data. By pinpointing patterns in thousands of cat photos, for example, it can learn to recognize a cat.

Over the past several years, Google and other leading companies have designed neural networks that learned from enormous amounts of prose, including unpublished books and Wikipedia articles by the thousands. These “large language models” can be applied to many tasks. They can summarize articles, answer questions, generate tweets and even write blog posts.

But they are extremely flawed. Sometimes they generate perfect prose. Sometimes they generate nonsense. The systems are very good at recreating patterns they have seen in the past, but they cannot reason like a human.

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Illegal Immigration Is Down, Changing the Face of California Farms

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GONZALES, Calif. — It looks like a century-old picture of farming in California: a few dozen Mexican men on their knees, plucking radishes from the ground, tying them into bundles. But the crews on Sabor Farms radish patch, about a mile south of the Salinas River, represent the cutting edge of change, a revolution in how America pulls food from the land.

For starters, the young men on their knees are working alongside technology unseen even 10 years ago. Crouched behind what looks like a tractor retrofitted with a packing plant, they place bunches of radishes on a conveyor belt within arm’s reach, which carries them through a cold wash and delivers them to be packed into crates and delivered for distribution in a refrigerated truck.

The other change is more subtle, but no less revolutionary. None of the workers are in the United States illegally.

are not coming in the numbers they once did.

There are a variety of reasons: The aging of Mexico’s population slimmed the cohort of potential migrants. Mexico’s relative stability after the financial crises of the 1980s and 1990s reduced the pressures for them to leave, while the collapse of the housing bubble in the United States slashed demand for their work north of the border. Stricter border enforcement by the United States, notably during the Trump administration, has further dented the flow.

the economists Gordon Hanson and Craig McIntosh wrote.

As a consequence, the total population of unauthorized immigrants in the United States peaked in 2007 and has declined slightly since then. California felt it first. From 2010 to 2018, the unauthorized immigrant population in the state declined by some 10 percent, to 2.6 million. And the dwindling flow sharply reduced the supply of young workers to till fields and harvest crops on the cheap.

The state reports that from 2010 to 2020, the average number of workers on California farms declined to 150,000 from 170,000. The number of undocumented immigrant workers declined even faster. The Labor Department’s most recent National Agricultural Workers Survey reports that in 2017 and 2018, unauthorized immigrants accounted for only 36 percent of crop workers hired by California farms. That was down from 66 percent, according to the surveys performed 10 years earlier.

The immigrant work force has also aged. In 2017 and 2018, the average crop worker hired locally on a California farm was 43, according to the survey, eight years older than in the surveys performed from 2007 to 2009. The share of workers under the age of 25 dropped to 7 percent from a quarter.

hire the younger immigrants who kept on coming illegally across the border. (Employers must demand documents proving workers’ eligibility to work, but these are fairly easy to fake.)

That is no longer the case. There are some 35,000 workers on H-2A visas across California, 14 times as many as in 2007. During the harvest they crowd the low-end motels dotting California’s farm towns. A 1,200-bed housing facility exclusive to H-2A workers just opened in Salinas. In King City, some 50 miles south, a former tomato processing shed was retrofitted to house them.

“In the United States we have an aging and settled illegal work force,” said Philip Martin, an expert on farm labor and migration at the University of California, Davis. “The fresh blood are the H-2As.”

Immigrant guest workers are unlikely to fill the labor hole on America’s farms, though. For starters, they are costlier than the largely unauthorized workers they are replacing. The adverse effect wage rate in California this year is $17.51, well above the $15 minimum wage that farmers must pay workers hired locally.

So farmers are also looking elsewhere. “We are living on borrowed time,” said Dave Puglia, president and chief executive of Western Growers, the lobby group for farmers in the West. “I want half the produce harvest mechanized in 10 years. There’s no other solution.”

Produce that is hardy or doesn’t need to look pretty is largely harvested mechanically already, from processed tomatoes and wine grapes to mixed salad greens and tree nuts. Sabor Farms has been using machines to harvest salad mix for decades.

survey by the Western Growers Center for Innovation and Technology found that about two-thirds of growers of specialty crops like fresh fruits, vegetables and nuts have invested in automation over the last three years. Still, they expect that only about 20 percent of the lettuce, apple and broccoli harvest — and none of the strawberry harvest — will be automated by 2025.

Some crops are unlikely to survive. Acreage devoted to crops like bell peppers, broccoli and fresh tomatoes is declining. And foreign suppliers are picking up much of the slack. Fresh and frozen fruit and vegetable imports almost doubled over the last five years, to $31 billion in 2021.

Consider asparagus, a particularly labor-intensive crop. Only 4,000 acres of it were harvested across the state in 2020, down from 37,000 two decades earlier. The state minimum wage of $15, added to the new requirement to pay overtime after 40 hours a week, is squeezing it further after growers in the Mexican state of Sinaloa — where workers make some $330 a month — increased the asparagus acreage almost threefold over 15 years, to 47,000 acres in 2020.

H-2A workers won’t help fend off the cheaper Mexican asparagus. They are even more expensive than local workers, about half of whom are immigrants from earlier waves that gained legal status; about a third are undocumented. And capital is not rushing in to automate the crop.

“There are no unicorns there,” said Neill Callis, who manages the asparagus packing shed at the Turlock Fruit Company, which grows some 300 acres of asparagus in the San Joaquin Valley east of Salinas. “You can’t seduce a V.C. with the opportunity to solve a $2-per-carton problem for 50 million cartons,” he said.

While Turlock has automated where it can, introducing a German machine to sort, trim and bunch spears in the packing shed, the harvest is still done by hand — hunched workers walk up the rows stabbing at the spears with an 18-inch-long knife.

These days, Mr. Callis said, Turlock is hanging on to the asparagus crop mainly to ensure its labor supply. Providing jobs during the asparagus harvest from February to May helps the farm hang on to its regular workers — 240 in the field and about 180 in the shed it co-owns with another farm — for the critical summer harvest of 3,500 acres of melons.

Losing its source of cheap illegal immigrant workers will change California. Other employers heavily reliant on cheap labor — like builders, landscapers, restaurants and hotels — will have to adjust.

Paradoxically, the changes raking across California’s fields seem to threaten the undocumented local work force farmers once relied on. Ancelmo Zamudio from Chilapa, in Mexico’s state of Guerrero, and José Luis Hernández from Ejutla in Oaxaca crossed into the United States when they were barely in their teens, over 15 years ago. Now they live in Stockton, working mostly on the vineyards in Lodi and Napa.

They were building a life in the United States. They brought their wives with them; had children; hoped that they might be able to legalize their status somehow, perhaps through another shot at immigration reform like the one of 1986.

Things to them look decidedly cloudier. “We used to prune the leaves on the vine with our hands, but they brought in the robots last year,” Mr. Zamudio complained. “They said it was because there were no people.”

Mr. Hernández grumbles about H-2A workers, who earn more even if they have less experience, and don’t have to pay rent or support a family. He worries about rising rents — pushed higher by new arrivals from the Bay Area. The rule compelling farmers to pay overtime after 40 hours of work per week is costing him money, he complains, because farmers slashed overtime and cut his workweek from six days to five.

He worries about the future. “It scares me that they are coming with H-2As and also with robots,” he said. “That’s going to take us down.”

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How Jack Welch’s Reign at G.E. Gave Us Elon Musk’s Twitter Feed

When Jack Welch died on March 1, 2020, tributes poured in for the longtime chief executive of General Electric, whom many revered as the greatest chief executive of all time.

David Zaslav, the C.E.O. of Warner Bros. Discovery and a Welch disciple, remembered him as an almost godlike figure. “Jack set the path. He saw the whole world. He was above the whole world,” Mr. Zaslav said. “What he created at G.E. became the way companies now operate.”

Mr. Zaslav’s words were meant as unequivocal praise. During Mr. Welch’s two decades in power — from 1981 to 2001 — he turned G.E. into the most valuable company in the world, groomed a flock of protégés who went on to run major companies of their own, and set the standard by which other C.E.O.s were measured.

Yet a closer examination of the Welch legacy reveals that he was not simply the “Manager of the Century,” as Fortune magazine crowned him upon his retirement.

broken up for good.

the fateful decision to redesign the 737 — a plane introduced in the 1960s — once more, rather than lose out on a crucial order with American Airlines. That decision set in motion the flawed development of the 737 Max, which crashed twice in five months, killing 346 people. And while a number of factors contributed to those tragedies, they were ultimately the product of a corporate culture that cut corners in pursuit of short-term financial gains.

Even today Boeing is run by a Welch disciple. Dave Calhoun, the current C.E.O., was a dark horse candidate to succeed Mr. Welch in 2001, and he was on the Boeing board during the rollout of the Max and the botched response to the crashes.

When Mr. Calhoun took over the company in 2020, he set up his office not in Seattle (Boeing’s spiritual home) or Chicago (its official headquarters), but outside St. Louis at the Boeing Leadership Center, an internal training center explicitly built in the image of Crotonville. He said he hoped to channel Mr. Welch, whom he called his “forever mentor.”

The “Manager of the Century” was unbowed in retirement, barreling through the twilight of his life with the same bombast that defined his tenure as C.E.O.

He refashioned himself as a management guru and created a $50,000 online M.B.A. in an effort to instill his tough-nosed tactics in a new generation of business leaders. (The school boasts that “more than two out of three students receive a raise or promotion while enrolled.”) He cheered on the political rise of Mr. Trump, then advised him when he won the White House.

In his waning days, Mr. Welch emerged as a trafficker of conspiracy theories. He called climate change “mass neurosis” and “the attack on capitalism that socialism couldn’t bring.” He called for President Trump to appoint Rudy Giuliani attorney general and investigate his political enemies.

The most telling example of Mr. Welch’s foray into political commentary, and the beliefs it revealed, came in 2012. That’s when he took to Twitter and accused the Obama administration of fabricating the monthly jobs report numbers for political gain. The accusation was rich with irony. After decades during which G.E. massaged its own earnings reports, Mr. Welch was effectively accusing the White House of doing the same thing.

While Mr. Welch’s claim was baseless, conservative pundits picked up on the conspiracy theory and amplified it on cable news and Twitter. Even Mr. Trump, then merely a reality television star, joined the chorus, calling Mr. Welch’s bogus accusation “100 percent correct” and accusing the Obama administration of “monkeying around” with the numbers. It was one of the first lies to go viral on social media, and it had come from one of the most revered figures in the history of business.

When Mr. Welch died, few of his eulogists paused to consider the entirety of his legacy. They didn’t dwell on the downsizing, the manipulated earnings, the Twitter antics.

And there was no consideration of the ways in which the economy had been shaped by Mr. Welch over the previous 40 years, creating a world where manufacturing jobs have evaporated as C.E.O. pay soars, where buybacks and dividends are plentiful as corporate tax rates plunge.

By glossing over this reality, his allies helped perpetuate the myth of his sainthood, adding their own spin on one of the most enduring bits of disinformation of all: the notion that Jack Welch was the greatest C.E.O. of all time.

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At Wells Fargo, a Quest to Increase Diversity Leads to Fake Job Interviews

Joe Bruno, a former executive in the wealth management division of Wells Fargo, had long been troubled by the way his unit handled certain job interviews.

For many open positions, employees would interview a “diverse” candidate — the bank’s term for a woman or person of color — in keeping with the bank’s yearslong informal policy. But Mr. Bruno noticed that often, the so-called diverse candidate would be interviewed for a job that had already been promised to someone else.

He complained to his bosses. They dismissed his claims. Last August, Mr. Bruno, 58, was fired. In an interview, he said Wells Fargo retaliated against him for telling his superiors that the “fake interviews” were “inappropriate, morally wrong, ethically wrong.”

Wells Fargo said Mr. Bruno was dismissed for retaliating against a fellow employee.

Mr. Bruno is one of seven current and former Wells Fargo employees who said that they were instructed by their direct bosses or human resources managers in the bank’s wealth management unit to interview “diverse” candidates — even though the decision had already been made to give the job to another candidate. Five others said they were aware of the practice, or helped to arrange it.

damaged the bank’s reputation and led to more than $4.5 billion in fines.

qualified Black candidates. He later apologized for the comment when the memo became public in September.

Following Mr. Scharf’s directive, Wells Fargo adopted a formal policy in requiring that a diverse slate of candidates would have to be interviewed for all open jobs paying more than $100,000 a year.

That August, Wells Fargo paid nearly $8 million to settle a claim by the Department of Labor that it had discriminated against more than 30,000 Black job applicants for positions in banking, sales and support roles.

Wells Fargo had already been trying to increase diversity. In 2013, a group of Black financial advisers at Wells Fargo sued the bank for racial discrimination, saying they were corralled into poor neighborhoods and kept away from opportunities to win new clients and partner with white financial advisers.

The bank settled the case in 2017. Wells Fargo paid nearly $36 million to about 320 members of the class-action lawsuit, and pledged to “take actions designed to enhance opportunities for employment, earnings, and advancement of African American financial advisors and financial advisor trainees.”

sued by Black coaches, who claimed they were subject to “sham” interviews.

“Well-intentioned people created these initiatives, but when they hit the ground the energy was devoted not to implementing them but finding a way to get around them,” said Linda Friedman, the lawyer for the Black financial advisers involved in the 2017 Wells Fargo settlement.

Mr. Bruno joined Wells Fargo in 2000 and worked his way up to market leader for Wells Fargo Advisors in Jacksonville, Fla. He oversaw 14 branches of the bank’s wealth management operation. He saw himself as a champion of diversity.

Mr. Bruno was mainly responsible for filling two categories of jobs — financial advisers and financial consultants, who work alongside advisers. He said that he was often told to conduct interviews with Black candidates for the financial consultant positions, which were lower-paying jobs. In most such cases, Wells had no intention of hiring those people because either he or his superiors had already picked someone for the job, Mr. Bruno said.

Mr. Bruno said he eventually refused to conduct the interviews. “I got a Black person on the other side of the table who has no shot at getting the job,” he told his bosses.

Barry Sommers, the chief executive of Wells Fargo’s wealth and investment management business, said that fake interviews wouldn’t even have been necessary for the financial consultant positions that Mr. Bruno was hiring for. Their salaries, Mr. Sommers said, fell below the $100,000 threshold that required a diverse slate of candidates to be interviewed per Wells Fargo’s 2020 policy.

“There is absolutely no reason why anyone would conduct a fake interview,” Mr. Sommers said. Rather than tracking the identities of interviewees, the bank focused on the results, and “the numbers are getting better,” he said.

Of the nearly 26,000 people the bank hired in 2020, 77 percent were not white men, Ms. Burton said. And last year, 81 percent of the 30,000 people hired were not white men, she said. She declined to specify how many of those new hires were for jobs above the $100,000 salary threshold.

But six current and former Wells Fargo employees, including Mr. Bruno, said that fake interviews were conducted for many types of positions. Three current employees said they conducted fake job interviews or knew of them as recently as this year.

In 2018, Tony Thorpe was a senior manager for Wells Fargo Advisors in Nashville, overseeing 60 advisers. Mr. Thorpe said his boss and the human resources manager overseeing his area both told him that if he found a financial adviser worth recruiting, and that adviser wanted to bring a sales assistant along, it was permissible — but the assistant’s job had to be posted publicly.

Mr. Thorpe, who retired from Wells Fargo in 2019, said he was instructed to reach out to colleges and business associations in the area where he could meet nonwhite candidates for the assistant job. Mr. Thorpe said he never conducted a fake interview, but was required to document that he had tried to find a “diverse pool” of candidates, even though he knew exactly who would be getting the job.

“You did have to tell the story, send an email verifying what you’ve done,” Mr. Thorpe said. “You just had to show that you were trying.”

Ms. Burton said that she couldn’t speak to practices under Wells Fargo’s prior management, but that the bank kept records of every job interview. The record-keeping is necessary because the Office of the Comptroller of the Currency, the nation’s top banking regulator, conducts periodic audits. While the O.C.C. doesn’t impose its own diversity standards for banks, it does check to make sure they’re following state and federal laws, including anti-discrimination laws.

Don Banks, 31, a Black wealth manager living in Monroe, La., was contacted by Wells Fargo twice before he was hired. In 2016 and 2017, a human resources representative from the bank told Mr. Banks that he had advanced past an initial interview round for a financial adviser trainee position and would be getting a call from a manager. Both times, no one called.

Mr. Banks had been submitted to fake interviews, according to a former employee who was a manager in the area where Mr. Banks had applied, and who participated in the hiring process involving Mr. Banks’s application. The person spoke on the condition of anonymity because he still works in the industry.

Mr. Banks was eventually hired in 2018 by Wells Fargo in a more junior position. Two years later, he was laid off during cutbacks in the pandemic.

“It doesn’t sound like a great experience,” Mr. Sommers, the wealth management chief executive, said. “It shouldn’t have happened that way.”

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Tech Start-Ups Reach a New Peak of Froth

Astonishing data for 2021 tell the story. U.S. start-ups raised $330 billion, nearly double 2020’s record haul of $167 billion, according to PitchBook, which tracks private financing. More tech start-ups crossed the $1 billion valuation threshold than in the previous five years combined. The median amount of money raised for very young start-ups taking on their first major round of funding grew 30 percent, according to Crunchbase. And the value of start-up exits — a sale or public offering — spiked to $774 billion, nearly tripling the prior year’s returns, according to PitchBook.

The big-money headlines have carried into this year. Over a few days this month, three private start-ups hit eye-popping valuations: Miro, a digital whiteboard company, was valued at $17.75 billion; Checkout.com, a payments company, was valued at $40 billion; and OpenSea, a 90-person start-up that lets people buy and sell nonfungible tokens, known as NFTs, was valued at $13.3 billion.

Investors announced big hauls, too. Andreessen Horowitz, a venture capital firm, said it had raised $9 billion in new funds. Khosla Ventures and Kleiner Perkins, two other venture firms, each raised nearly $2 billion.

The good times have been so good that warnings of a pullback inevitably bubble up. Rising interest rates, expected later this year, and uncertainty over the Omicron variant of the coronavirus have deflated tech stock prices. Shares of start-ups that went public through special purpose acquisition vehicles last year have slumped. One of the first start-up initial public offerings expected this year was postponed by Justworks, a provider of human resources software, which cited market conditions. The price of Bitcoin has sunk nearly 40 percent since its peak in November.

But start-up investors said that had not yet affected funding for private companies. “I don’t know if I’ve ever seen a more competitive market,” said Ambar Bhattacharyya, an investor at Maverick Ventures.

Even if things slow down momentarily, investors said, the big picture looks the same. Past moments of outrageous deal making — from Facebook’s acquisitions of Instagram and WhatsApp to the soaring private market valuations of start-ups like Uber and WeWork — have prompted heated debates about a tech bubble for the last decade. Each time, Mr. Bahat said, he thought the frenzy would eventually return to normal.

Instead, he said, “every single time it’s become the new normal.”

Investors and founders have adopted a seize-the-day mentality, believing the pandemic created a once-in-a-lifetime opportunity to shake things up. Phil Libin, an entrepreneur and investor, said the pandemic had changed every aspect of society so much that start-ups were accomplishing five years of progress in one year.

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