Report outlines achievements in efforts to create economic
opportunity, advance diversity and social inclusion, and promote
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
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
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.