Team members pledge additional $85 million to nonprofits, topping United Way Worldwide’s workplace giving campaign for ninth consecutive year
Wells Fargo & Company (NYSE: WFC) last year continued to invest in
communities across the country through its philanthropy and
volunteerism, donating
more than $286.5 million in 2017 to more than 14,500 nonprofits, the
company announced today.
In addition to corporate donations, Wells Fargo’s team members
volunteered a record 2 million hours in 2017, valued at $48 million
(source – Independent Sector*), which included 183,528 hours of service
on 3,679 nonprofit boards supporting community revitalization and
resiliency, homeownership, small business, food insecurity, and other
global challenges. During the company’s annual employee giving campaign,
more than 65,300 team members pledged $85 million in 2017 to 40,000
nonprofits. As a result, United
Way Worldwide named the company’s workplace giving campaign No. 1 in
the U.S. for the ninth consecutive year.
The company also reaffirmed its previously-announced 40
percent increase in corporate philanthropy for 2018, targeting $400
million. In addition, the company set a goal of investing 2 percent of
its after-tax profits in corporate philanthropy, beginning in 2019.
“We couldn’t be more proud of our Wells Fargo team members who, year
after year, exhibit selfless commitment to strengthening the communities
we serve and enriching the lives of others,” said Wells Fargo President
and CEO Timothy J. Sloan. “We honor the volunteerism, determination, and
leadership of our team members, who are the cornerstone of our efforts
to build a better bank for all communities. Their generosity underscores
one of our company’s most important core values and inspires the
investments in communities across the country that we will continue to
make.”
“We’re grateful to Wells Fargo and its team members for their growing
investment and commitment to building stronger communities,” said Brian
Gallagher, President and CEO of United Way Worldwide. “Whether it’s
volunteer financial coaching, charitable giving through their workplace
campaign, helping to fight hunger or supporting new job opportunities,
Wells Fargo is leading across the board to make a difference in every
community across America.”
2017 Highlights
Other philanthropy and volunteerism highlights from 2017 include Wells
Fargo’s new Holiday
Food Bank campaign, which kicked off last November with a $5 million
grant to United Way. Nearly 1,900 team members volunteered more than
7,340 hours over the holidays to sort food donations, deliver meals, and
help fight hunger. Overall, the company collected 251,095
pounds of nonperishable food for 363 food banks in just over a
month, serving 433,814 meals. Wells Fargo accepted goods at 5,900 bank
branches and 44 other locations and hosted a mobile pop-up food bank
tour that visited 17 cities between New York and California. In
addition, Wells Fargo recently announced an $18
million initiative with United Way Worldwide to help one million
people find jobs over the next five years to better support their
families and strengthen communities.
Wells Fargo also made a number of long-term strategic philanthropy
commitments during 2017, including increased funding for the Wells
Fargo Innovation Incubator, now a $30 million partnership with the
Department of Energy’s National Renewable Energy Laboratory that speeds
the path to market for promising clean-tech startup technologies; and a
five-year, $50 million commitment to American
Indian/Alaska Native communities to help address their unique
economic, social and environmental needs.
Wells Fargo’s corporate philanthropy and community initiatives reflect
the company’s commitment to addressing pressing economic, social and
environmental issues including in times of urgent need. For example,
during a year of numerous natural disasters in 2017, Wells Fargo donated
$10.6 million to the American Red Cross and local nonprofits to assist
disaster relief and recovery efforts, including $6.5 million to the WE
Care Fund for 4,714 grants to support its team members impacted by
the three hurricanes, widespread California wildfires, and other
financial hardships.
Additional examples of Wells Fargo’s philanthropic efforts in 2017
included:
-
$28.3 million in assistance to veterans, military service members, and
their families through financial, education, career transition, and
housing initiatives.
-
$45 million in down payment assistance grants and homebuyer education
in collaboration with NeighborWorks
America®
through its NeighborhoodLIFT program,
which helped create 2,820 homeowners during the year.
-
$2 million to eight nonprofits—generating $11.6 million in matching
funds from grantees—for the Resilient
Communities Program to help cities protect natural habitats and
prepare for, withstand, and recover from natural disasters associated
with changing sea levels, water quantity and quality issues, and
longer fire seasons.
“At Wells Fargo, we believe we have a significant role to play in
supporting community stabilization, resiliency, and economic growth,
especially in underserved communities,” said Jon Campbell, head of
Corporate Responsibility and Community Relations. “We deeply appreciate
the expertise and collaboration of our nonprofit partners who work
together with us to empower change for the better in our communities.”
* The Independent Sector is a U.S. coalition of more than 550
philanthropic organizations. Their most recent estimate of the value of
one volunteer hour is $24.12.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $2.0 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 more than 8,300 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 263,000 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. News, insights and perspectives from Wells Fargo
are also available at Wells
Fargo Stories.