Wells Fargo Releases 2017 CSR Report, Reinforces Commitment to Donate More Than $400 Million to Non-Profits in 2018
Report outlines achievements in efforts to create economic opportunity, advance diversity and social inclusion, and promote environmental sustainability
SAN FRANCISCO, May 30, 2018 /3BL Media/ – Wells Fargo & Company (NYSE:WFC) today released its 2017 Corporate Social Responsibility report, which details the significant progress the company made last year to address social, economic, and environmental challenges through its philanthropy, operations, and products and services. In the report, Wells Fargo also reinforces its enhanced commitment to community investments that support economic growth, resiliency, and sustainability, including a pledge to donate $400 million — or more than $1 million a day — to nonprofits in 2018. The company also recently announced that it will provide $200 billion in financing to sustainable businesses and projects by 2030.
“We recognize that achieving our goal to become the financial services leader in corporate citizenship requires a specific, sustainable commitment from leaders and engagement at all levels of the company,” said Tim Sloan, Wells Fargo’s chief executive officer and president in his letter to stakeholders. “It also requires that we consistently look for new ways to take a leadership role in helping address long-term and complex global challenges that are important to our company and stakeholders.” Read Sloan’s complete letter on Wells Fargo Stories at stories.wf.com/sloan-we-are-living-our-commitment/.
Wells Fargo’s 2017 CSR report, Living our Commitment, provides a comprehensive update on the company’s achievements in three areas of strategic focus: advancing diversity and social inclusion, creating economic opportunities in underserved communities, and accelerating the transition to a low-carbon economy and a healthier planet. For example, in 2017, Wells Fargo exceeded its 45 percent carbon-reduction goal three years ahead of schedule, and met 100 percent of its global electricity needs with renewable energy. In addition, through collaboration with Habitat for Humanity and Rebuilding Together, more than 1,000 homes for low-income seniors, veterans, and families were built or improved by Wells Fargo volunteers, meeting the company’s goal more than two years early.
Wells Fargo’s 2017 CSR report also outlines new goals and strategies for the company to more deeply and strategically embed environmental and social responsibility into products and services, culture and operations, and philanthropy. In 2017, the company pledged to increase corporate philanthropy by 40 percent in 2018, and beginning in 2019, will invest 2 percent of after-tax dollars in corporate philanthropy. The company also committed to increasing investments in:
- Diverse small businesses, with a target of delivering $100 million in grants, capital, technical assistance, and other resources between 2018 and 2020 through the Wells Fargo Works for Small Business: Diverse Community Capital program.
- Neighborhood revitalization. Wells Fargo is investing $75 million investment in 2018 to expand the NeighborhoodLIFT® program, including down payment assistance grants, homebuyer education and program support.
- Responsible, sustainable homeownership. Wells Fargo has made a 10-year, $60 billion lending commitment to create at least 250,000 African-American homeowners. In 2017, the company also marked the second year of its 10-year, $125 billion commitment to help increase Hispanic homeownership.
- Clean technology and innovation. The company has committed $20 million to expand the Wells Fargo Innovation Incubator (IN²) program to advance emerging clean technologies and startup companies in collaboration with the U.S. Department of Energy’s National Renewable Energy Laboratory.
- American Indian/Alaska Native (AI/AN) communities. Wells Fargo has made a five-year, $50 million commitment to better serve AI/AN communities through expanded philanthropic support, community outreach, and efforts to improve products and services that meet the financial and banking needs of tribal communities.
- Building resilient communities. In 2017, Wells Fargo launched a four-year, $10 million program with the National Fish and Wildlife Foundation to help cities enhance and protect natural habitats and prepare for, withstand, and recover from natural disasters associated with climate change.
- Access to steady employment. Wells Fargo has entered an $18 million, five-year partnership with United Way Worldwide to help one million people find jobs over the next five years.
“As a global financial services company – and one of the nation’s largest small business lenders, residential mortgage providers, and corporate cash donors – we understand our role as a community partner and the positive impact we can have on society, the economy and the environment,” said Jon Campbell, head of Corporate Responsibility and Community Relations. “Looking ahead, we will continue seeking opportunities to further integrate CSR throughout our business and are committed to being transparent with you about our progress.” Read Campbell’s complete letter on Wells Fargo Stories at stories.wf.com/we-will-become-a-better-stronger-wells-fargo/.
Wells Fargo was recently recognized as one of the 100 Best Corporate Citizens by Corporate Responsibility Magazine for its environmental, social, and governance performance and disclosure practices. It has long been one of the top corporate cash donors, ranked first among financial institutions and third among all U.S. companies in a 2016 report by The Chronicle of Philanthropy. Wells Fargo was also recognized by Fortune as the third Most Generous Fortune 500 Company in their latest report.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through 8,200 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. In 2017, Wells Fargo donated $286.5 million to 14,500 nonprofits and Wells Fargo team members volunteered a record 2 million hours. Wells Fargo’s corporate social responsibility efforts are focused on three strategic priorities: diversity and social inclusion, economic empowerment, and environmental sustainability. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.