Beyond Banking: How a Strong Team of Wells Fargo Latinas is Advancing Financial Opportunity for Latinos

By Christine Bolaños

The Latino population is growing at a rapid rate resulting in huge financial power over the next decade alone. Latinos will make up 40 percent of the growth in American households over the next decade, two-thirds of the labor force from the last decade identify as Latino, and Latino median family wealth is growing nearly triple times greater than most U.S. households. Wells Fargo is on a mission to meet the financial needs of Latinos. At the heart of this effort are four Latinas who are finding new ways to reach Latinos, including Latinas, with the goal of helping their families and businesses thrive financially and their communities prosper for years to come.

Laura Arce
Senior Vice President, Public Policy
Laura Arce learned the value of generosity and gratitude from her Latino family. Her family had enough growing up but were not well off and she recalls how her grandfather would give the vegetables he grew in his garden to neighbors. This spirit of community service informed Arce’s own career in financial services.

Today she serves as Senior Vice President of Public Policy at Wells Fargo. She leads public policy analysis and engagement on consumer banking issues, including consumer and small business lending, deposit products, and community reinvestment. Arce believes better public policy is essential to expanding financial inclusion.

“Banking is heavily regulated and rightfully so. My job is to monitor policymakers in Washington D.C., whether financial regulators, members of Congress, or others in the administration for public policy proposals that affect Wells Fargo, our customers and our employees,” Arce explains. “One, to make sure Wells Fargo is prepared to implement any required changes but also to be part of public policy discussions to help ensure those policies work for everyone as intended.”

“Arce previously worked at the Federal Housing Finance Agency where she reformed Fannie Mae and Freddie Mac mortgage servicing policies and products during the Great Recession. She also worked on Capitol Hill and at UnidosUS where she helped secure funding to establish a national network of housing counseling agencies dedicated to increasing the homeownership rate of Latinos.

Her passion for community service led her to serve on the board of directors of Mission Asset Fund, a nonprofit that works to create a fair financial marketplace for all families.

Jenny Brosseau
Affluent Diverse Segments Leader SVP, Consumer & Small Business Banking
Jenny Brosseau’s mother pursued a college education at a time when it was uncommon in their South Texas hometown for a Latina to have a bachelor’s degree, let alone a master’s degree. “Before I was even a consideration for her, she shaped a path for me that laid the ground rules that we were going to exceed people’s expectations,” Brosseau says.

This fueled Brosseau’s passion for serving the Latina community in her career, including 18 years and counting at Wells Fargo. Today, she is responsible for creating forward-leaning strategies with innovative approaches to serve diverse customer segments in the Affluent/Emerging Affluent space.

“My responsibility is to really drive change in how we support diverse segments as they grow financially,” Brosseau shares. “We have done a tremendous job at Wells Fargo in terms of evolving how we serve diverse communities.”

In the banking world, diverse segments can often lead to the assumption that it involves individuals with low or moderate incomes. “There is very little awareness that Latinas can be high-income earners, they are the breadwinners; they are affluent customers as well,” Brosseau points out. “They have savings. They have investments.”

In her role, Brosseau works to bring awareness about the diversity within diverse segments and to change how financial institutions engage with them. “We have to go to them, they are not going to come to us,” she says.

Her focus on the Latina community extends beyond her job, including serving on the Enterprise Hispanic/Latino Diversity Council.

Jenny Flores
Head of Small Business Growth Philanthropy
Raised in an immigrant family, Jenny Flores learned to value community and the importance of sharing success at a young age. As she gained experience, her Latina roots also taught her to not only work hard, but to work smart and to be intentional with her time, goals and pursuits.

Flores has more than 20 years of experience in banking, impact philanthropy, employee engagement and corporate citizenship. With a mom and grandfather who owned small businesses, she is on a mission to help underserved and diverse entrepreneurs run successful businesses that offer jobs to community members and contribute to the local economy.

Today, she serves as Head of Small Business Growth Philanthropy at Wells Fargo, including the Wells Fargo Foundation, one of the country’s largest corporate foundations. In this role, she creates the strategy for Wells Fargo’s philanthropy efforts that help small businesses, particularly entrepreneurs, grow their businesses and become valuable assets to their local economies.

“I came to Wells Fargo in January 2020. The pandemic hit in March, and we started thinking about what that meant to small business owners,” Flores says. “The data showed that Black-and Brown-owned small businesses were being disproportionately affected.”

Flores says she had to step up her development strategy. With Flores’ leadership, Wells Fargo launched the Open for Business Fund which was created by donating all of the fees from its Paycheck Protection Program (PPP) lending in 2020 to support struggling small businesses. The roughly $420 million effort provides flexible loans and grants to nonprofits nationwide that assist small businesses in staying open and protecting jobs.

In her spare time, Flores leads her community in renewable and clean energy efforts and by mentoring entrepreneurs.

Xochitl Leon
Senior Vice President
Xochitl Leon’s mother ran her own small cleaning business where she worked her own hours and was in control of her own clients. It taught Leon the value of hard work, work-life balance, not taking opportunities for granted and community at a young age.

Today, the Harvard alumna serves as Senior Vice President, Head of Talent Acquisition National Partnerships & Programs at Wells Fargo. In this role, she leads strategy and program management, working with professional organizations to advance employer brand awareness and drive a more diverse workforce.

“I lead a team who oversees relationships with national organizations, like the Society of Hispanic Professional Engineers, representing various diverse segments – people with disabilities, women and LGBTQ, for example. We’re an arm of job recruitment focused on ensuring diverse talent thinks about Wells Fargo when they are considering their job options,” Leon explains.

Leon, who joined Wells Fargo in 2005, has spent the better part of her career serving the Latino community both at and outside the company. In her most recent role as Hispanic Segment Strategy Leader, she was responsible for helping the company better understand Latino customers in order to effectively serve their financial needs. In addition, she is a co-founder of LISTAS, a nonprofit that encourages Bay Area students to pursue STEM and business careers.

“I have a social responsibility to be here until there’s more of us,” Leon says. “I can help make these gradual improvements until we get to where we need to be from a representation perspective.”

Read more at www.wellsfargo.com/diversevoices about how Wells Fargo leaders are using their expertise and vision to create positive change for employees and the communities they serve.

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