Company to significantly increase annual philanthropic giving to American Indian/Alaska Native communities over five years, launches company-wide initiative to better serve Indian Country
Wells Fargo & Company (NYSE: WFC) today announced a five-year, $50
million commitment to American Indian/Alaska Native communities to
help address their unique economic, social and environmental needs. The
company will expand philanthropy programs, work to improve products
and services to meet the financial and banking requirements of the
American Indian/Alaska Native community, and help create a greater
awareness of American Indian/Alaska Native culture, history and
contributions.
“We are only as successful as the communities in which we work,” said
Tim Sloan, Wells Fargo CEO. “Our longstanding relationships with tribal
governments and American Indian/Alaska Native customers are a point of
tremendous pride at Wells Fargo. I am pleased to be able to make this
announcement on behalf of our 268,000 team members as part of Native
American Heritage Month.”
The bulk of the financial commitment will be devoted to philanthropy
aligned with the concerns raised by consulted tribal stakeholders during
the development of the commitment and Wells
Fargo’s 2020 Corporate Social Responsibility focus areas.
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Environmental sustainability: renewable energy projects and
clean water programs.
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Economic empowerment: down payment assistance and other
programs to advance homeownership; affordable housing development;
capacity building for Community
Development Financial Institutions serving small businesses in
Indian Country and asset-building programs that are helping individual
tribal members create wealth through matched savings and other
mechanisms; customized financial capability curriculum; and
post-secondary education programs and scholarships.
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Diversity and social inclusion: leadership and career
development training; cultural awareness and language preservation
programs.
The $50 million commitment will also fund the expansion of dedicated
resources at Wells Fargo for tribal advocacy and community outreach,
including the hiring of a business-relationship manager who will focus
entirely on the American Indian/Alaska Native market segment. This
individual will work closely with Wells Fargo's National Tribal
Advocate, Cora Gaane, and a cross-functional advisory council that will
identify and seek to address challenges within American Indian/Alaska
Native communities through Wells Fargo’s business and operations,
stakeholder and community engagement, policy and philanthropy.
Wells Fargo has been serving American Indian/Alaska Native governments
and communities for more than 50 years and currently provides capital
and financial services to more than 200 tribal entities in 27 states,
including tribal community development projects. In 2016, the company
developed and published an Indigenous
Peoples Statement in consultation with tribal leaders, indigenous
stakeholders and their representatives, to help guide Wells Fargo’s
decision making for projects where proceeds of Wells Fargo financing may
potentially impact American Indian, Alaska Native or other indigenous
communities. Wells Fargo leaders consulted some of its American
Indian/Alaska Native business relationships to develop and vet the
commitment it is announcing today.
“Wells Fargo is taking meaningful steps to ensure the bank is more
responsive to the Native communities they serve,” said Cristina
Danforth, President of the Native American Financial Officers
Association. “Aligning staff to better understand our needs and making a
significant financial commitment to nonprofits serving Indian Country
builds on Wells Fargo’s policy approach and its adoption of the
Indigenous Peoples Statement to consider and honor indigenous
communities’ cultural and environmental concerns. This comprehensive
approach is a model we would like to see adopted by more financial
institutions in Indian Country.”
“Wells Fargo appreciates the engagement we have had with our tribal
customers over more than 50 years, and we respect the sovereignty of
their nations,” said Jon Campbell, head of Corporate Responsibility and
Community Relations at Wells Fargo. “In the past few years, through
dialogue with various tribal leaders and tribal members, we have learned
a great deal about the specific needs and challenges faced by many of
our stakeholders. With the commitment we announce today, we intend to
help address some of those challenges in partnership with American
Indian/Alaska Native leaders, governments and tribal nonprofit
organizations in ways that are intentional, relevant and inclusive.”
Wells Fargo will announce national grant recipients beginning in the
first quarter of 2018. Community-based, local 501(c)(3) organizations
serving the American Indian/Alaska Native communities can continue to
apply for grants through our online
tool.
“Wells Fargo’s substantial new investment in Indian Country in these
three critical areas is a promising development for tribal nations and
communities,” said Jefferson Keel, President of the National Congress of
Americans. “We hope that it signals a fresh start towards a new
partnership between Wells Fargo and Indian Country, one that understands
the needs and priorities of tribal nations and respects their inherent
rights as sovereign governments.”
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.