Wells Fargo Pledges to Give Away $400 Million This Year

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Wells Fargo Pledges to Give Away $400 Million This Year

By Shannon Prather, Star Tribune
Wells Fargo team members volunteer with Twin Cities Habitat for Humanity

Wells Fargo team members volunteer with Twin Cities Habitat for Humanity

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.@WellsFargo pledges to give away $400 million this year http://strib.mn/2A03Swp
Wednesday, July 25, 2018 - 10:00am

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Wells Fargo has pledged to dramatically increase its philanthropy, largely through its Minnesota-born foundation, with plans to give away $400 million to nonprofits, schools and other good causes this year.

The dramatic boost in giving — up 40 percent from last year — is motivated by corporate tax cuts, more socially conscious consumers and a desire to heal the bank’s tarnished image after a series of scandals that hurt Wells Fargo’s bottom line, company officials said. Starting in 2019, Wells Fargo is aiming to donate 2 percent of its earnings after taxes — a giving strategy with deep roots in Minnesota. More than 14,000 organizations across the country will share in that.

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