Wells Fargo Unveils Five-Year Corporate Social Responsibility Effort
Company will further impact on global challenges through significant
investments across products and services, operations and culture, and
philanthropy
SAN FRANCISCO–(BUSINESS WIRE)–Wells Fargo & Company (NYSE: WFC) announced today an integrated,
company-wide corporate social responsibility (CSR) strategy to address
global social, economic, and environmental challenges over the next five
years through products and services, culture and operations, and
philanthropy. As part of this effort, Wells Fargo established new
CSR goals, including significant commitments in home and small
business lending, community investment, operational efficiency, and
corporate philanthropy, among other things, through 2020.
The strategy, which was unveiled as part of the release of Wells Fargo’s 2015
CSR report, outlines measurable goals that the company will focus on
through the end of 2020 to recognize and respond to three important
priorities:
- The demographic and cultural shifts taking place in society;
- The financial needs of underserved individuals and communities; and,
-
The impacts of climate change and natural resource constraints on
communities and customers.
“To continue to succeed as a global bank, Wells Fargo must help address
these social, economic, and environmental challenges and strengthen the
communities in which we operate for current and future generations,”
said Wells Fargo Chairman and CEO John Stumpf. “Our efforts to integrate
CSR strategies across all aspects of our business, products, and culture
position us to have a positive and critical impact on people,
industries, and the broader global economy when and where it matters
most.”
Wells Fargo’s approach reflects the company’s longstanding commitment to
delivering practical solutions for the customers and communities it
serves. The new 2020 CSR goals build upon Wells Fargo’s previous
objectives — several of which were achieved
or exceeded ahead of schedule — including goals for supplier
diversity, environmental financing, community development investments,
and volunteer hours. In corporate philanthropic giving, the company will
donate more than $665 million by 2020 to address social, economic, and
environmental needs, in addition to time and financial resources given
to local nonprofits in the communities in which Wells Fargo operates.
Key commitments
Diversity
and social inclusion
Wells Fargo’s 2020
social commitment enhances its ability to meet the needs of an
increasingly diverse customer base and promote an inclusive, engaged
culture. The company will also expand opportunities for diverse
customers, suppliers, and talent. Goals include:
-
Donating $100 million to meet critical social needs such as advancing
social inclusion through education, and developing women and diverse
leaders -
Investing in emerging technologies and innovative solutions to address
the needs, values and preferences of diverse customers -
Spending 15 percent of procurement dollars with diverse suppliers and
building capacity through diverse supplier development -
Expanding opportunities for women and diverse talent, including a goal
to increase military veteran team members from 8,200 to 20,000
Wells Fargo’s 2020
economic commitment focuses on strengthening individual financial
knowledge and improving economic opportunities in underserved
communities through products, services and financial tools. The goals
include:
-
Providing $500 million in philanthropic giving to critical economic
needs such as financial education, and affordable housing -
Extending $150 billion in mortgage originations to minority households
and $70 billion in mortgage originations to low-to moderate-income
households through retail and correspondent networks -
Providing homebuyer education and down payment assistance to more than
4,000 lower-income homebuyers through LIFT
programs, bringing total homeowners created to more than 15,000 by 2020 -
Helping to build and improve 1,000 homes by 2020 in support of
affordable housing initiatives serving low-and moderate-income
households, including for seniors, veterans, and families -
Offering $75 million in grants and lending to help
diverse-owned small businesses access capital and technical
assistance -
Providing 12 million customers with credit
scores and support for managing overall financial health
Wells Fargo’s 2020
environmental commitment is focused on accelerating the planet’s
transition to a lower-carbon economy and reducing the impacts of climate
change on communities and customers. Wells Fargo will enhance its
operational efficiency as well as advance clean technology and
environmental solutions through philanthropy and financing. Goals
include:
-
Providing $65 million in philanthropic giving to critical
environmental needs such as clean technology, and environmental
education -
Purchasing renewable energy to power 100 percent of our operations by
2017 with a transition to long-term agreements that fund new sources
of green power by 2020 -
Reducing water use by 65 percent and increasing energy efficiency by
40 percent (2012-2020) and reducing greenhouse gas emissions by 45
percent (2008-2020) -
Continuing to finance and invest in sustainable business
opportunities; and developing new products and solutions to address
critical environmental needs
“Our strategy is focused on three priorities that we believe offer the
greatest value to our business and society: diversity and social
inclusion, economic empowerment, and environmental sustainability,” said
Jon Campbell, head of Government and Community Relations for Wells
Fargo. “We’re great believers in setting goals. They play a critical
role in helping us advance our CSR priorities across our business and
geographies, and enable us to report on our progress in a more concrete
and transparent manner.”
2015 Corporate Social Responsibility Report
Wells Fargo also noted significant achievements thus far in its 2015
Corporate Social Responsibility report which details the company’s
performance and progress across multiple areas. Wells Fargo:
-
Donated $281.3 million to 16,300 nonprofits to support critical
community needs -
Reduced water use 47 percent and increased operational energy
efficiency 26 percent since 2012 - Achieved a 30 percent reduction in greenhouse gas emissions since 2008
-
Provided more than $52 billion in financing to environmental
beneficial businesses since 2012 -
Invested $7.6 billion in community development projects in low- and
moderate-income areas -
Hired more than 1,500 veterans, for a total of 8,200 self-identified
veteran team members -
Spent 12 percent – or $1.2 billion – of its procurement budget with
diverse suppliers -
Provided $68.5 million in financial education, jobs assistance, and
home donations for military members and veterans since November 2012
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.8 trillion in assets. Founded in 1852
and headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial finance
through 8,800 locations, 13,000 ATMs, the internet (wellsfargo.com)
and mobile banking, and has offices in 36 countries to support customers
who conduct business in the global economy. With approximately 269,000
team members, Wells Fargo serves one in three households in the United
States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015
rankings of America’s largest corporations. In 2015, Wells Fargo donated
$281.3 million to support social, economic, and environmental
initiatives and causes and Wells Fargo team members volunteered 1.86
million hours in their communities. Wells Fargo’s vision is to satisfy
our customers’ financial needs and help them succeed financially. Wells
Fargo perspectives are also available at Wells
Fargo Stories and Wells
Fargo Blogs.
Contacts
Wells Fargo & Company
Jennifer Dunn, 202-303-2966 (Media)
Jennifer.g.dunn@wellsfargo.com
@JenniferDunnWF
Jim
Rowe, 415-396-8216 (Investors)
Jim.rowe@wellsfargo.com
