Wells Fargo’s Support of Military Members, Veterans Surpasses $100 Million

Company rolls out financial education addressing the Department of
Defense’s new Blended Retirement System

SAN FRANCISCO–(BUSINESS WIRE)–In honor of Veterans Day Nov. 11, Wells Fargo & Company (NYSE:WFC)
announced that it has donated more than $100 million since 2012 to
support military service members, veterans and their families through
financial education, career transition and housing initiatives.

Wells Fargo also announced new enhancements to its Hands
on Banking® for Military
money management curriculum to
address the Department of Defense’s new Blended
Retirement System
that goes into effect in 2018. The new military
retirement system combines the traditional legacy retirement pension
with a defined contribution to service members’ Thrift Savings Plan
account. Previously, approximately 81 percent of service members left
military service without retirement benefits. According to the
Department of Defense, the modernized retirement system will provide
retirement benefits for nearly 85 percent of service members.

“Wells Fargo is proud to support the needs of service members and
veterans in many ways. From providing important financial education
programs to donating to military and veteran-related initiatives to
hiring thousands of veterans, we care deeply about these brave men and
women who are serving and have served our country,” said Wells Fargo CEO
Tim Sloan. “Our company has a long history of supporting the military
from transporting troops in the mid-1800s to hiring specially trained
phone bankers to work with service members beginning in 2013.”

Since establishing the Military Affairs Program in 2012, Wells Fargo has:

  • Donated more than 350 homes, valued at more than $55 million, to
    veterans in all 50 states. This year, Wells Fargo is presenting
    mortgage-free homes and payment-free vehicles to veterans during eight
    of the 16 Veterans Day Parades Wells Fargo is participating in across
    the country.
  • Hired more than 7,000 veterans, and participated in more than 950
    military job fairs.
  • Launched Hands
    on Banking
    for Military
    , an online financial education program
    that has been viewed by more than 380,000 since July 2013.
  • Donated more than $47 million to military- and veteran-related
    nonprofits.

Wells Fargo has helped military members and veterans succeed financially
for more than 164 years. Highlights in 2017 include:

Career transition

In May, Wells Fargo launched the company’s ApprenticeshipUSA
program for veterans. The program offers companies the tools they need
to develop a highly skilled workforce and provides veterans the
opportunity to earn a salary while learning additional skills to succeed
in high-demand civilian careers. In addition, Wells Fargo offers veteran
career transition initiatives, including the Veteran Employment
Transition Internship Program, American
Corporate Partners
mentorships, and scholarships and emergency
grants through Scholarship
America
.

Housing

Wells Fargo provides financing
options
, dedicated service and financial education to help military
members and veterans achieve homeownership. On Nov. 6–8, military
families were invited to attend free webinars on home financing,
budgeting and saving, or credit. The Wells
Fargo Housing Foundation
supports sustainable housing for veterans
with programs including VeteranWINS,
which granted $200,000 across six nonprofits in 2017, and $300,000 to improve
100 veterans’ homes
with Habitat
for Humanity
. In collaboration with the Military
Warriors Support Foundation
, Wells Fargo donates homes and vehicles
that are awarded payment-free to combat-wounded veterans.

Financial education

Wells Fargo collaborated with the nonprofit Guideposts
to provide 650,000 copies of “Financial Readiness: Sound Principles for
Successful Money Management” to military service members since 2014. The
second edition, “Building Wealth: Time to Plan for Your Future,” will
include a section devoted to the new Blended Retirement System and
begins shipping to bases in late 2017. Both publications leverage
resources from the Hands on Banking for Military program.

More information about Wells Fargo’s commitment to military service
members, veterans and their families is available at www.wellsfargo.com/veterans

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, insurance, investments, mortgage, and
consumer and commercial finance through more than 8,400 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 268,000 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. The Chronicle of Philanthropy ranked
Wells Fargo No. 3 on its most recent list of the top corporate cash
philanthropists. In 2016, Wells Fargo donated $281.3 million to 14,900
nonprofits and Wells Fargo team members volunteered 1.73 million hours
with 50,000 nonprofits. Wells Fargo’s corporate social responsibility
efforts are focused on three priorities: economic empowerment in
underserved communities, environmental sustainability, and advancing
diversity and social inclusion. News, insights and perspectives from
Wells Fargo are also available at Wells
Fargo Stories
.

Contacts

Lisa Westermann, 415-845-7759
Lisa.B.Westermann@wellsfargo.com
Twitter:
@LWestermannWF