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–(BUSINESS WIRE)–#CSR–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 through a $75 million investment in
    2018 to expand the NeighborhoodLIFT®
    program
    , including down payment assistance grants, homebuyer
    education and program support.
  • Responsible, sustainable homeownership, with 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.
  • American Indian/Alaska Native (AI/AN) communities with 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, through 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.
  • Clean technology and innovation, including $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.
  • Access to steady employment, with 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.

Contacts

Media Contact
Melissa Murray
Melissa.k.murray@wellsfargo.com
or
Investor
Relations

John M. Campbell, 415-396-0523
John.m.campbell@wellsfargo.com