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Wells Fargo to Commit $175 Million in the Greater Chicago Area


New retail bank branches will open in local neighborhoods, bringing nearly 200 job opportunities to the area

CHICAGO – Wells Fargo & Company (NYSE: WFC) announced today it is growing its retail branch footprint in Chicago from seven to at least 30 branches in the coming years, part of an estimated $175 million commitment to the greater Chicago area. The new retail bank branches will bring nearly 200 job opportunities to Chicago and surrounding areas.

“We are excited to expand our branch network in Chicago,” said Wells Fargo CEO of Consumer, Small & Business Banking Saul Van Beurden. “Our investment in Chicago branches along with our mobile and online offerings allows us to increase accessibility for our customers. We are committed to Chicago and look forward to creating stronger relationships within the local communities.”

The first of the new branches will open in mid‑November in downtown Chicago. In addition to several branches that will be located in and around downtown, Wells Fargo will open branches in the Bronzeville and Bridgeport neighborhoods, which are historically underinvested areas.

Van Beurden added, “Branches continue to play an important role in the way we serve our customers, and customers continue to value the experiences they have in our branches. We are committed to serving all communities across the Chicagoland area and are looking into additional opportunities to open branches in underserved neighborhoods.”

Each branch will be designed and built to the U.S. Green Building Council’s Leadership in Energy and Environmental Design Gold standards and will include an assisted‑service ATM, a floorplan to create more space for conversation and consultation, and informative digital messaging displays.

Over the past five years (2018‑2022), Wells Fargo philanthropic giving totaled roughly $26.5 million to nonprofits serving the Chicago area with a focus on housing access and affordability, financial health, sustainability, and small business growth. Wells Fargo’s Open for Business Fund, a national small business recovery effort established during the COVID‑19 pandemic, awarded roughly $22 million in grants to nonprofits based in Chicago to reach small businesses, including those from historically marginalized communities. In addition, Wells Fargo is announcing this week a new $1.2  million grant to Elevate, a nonprofit that provides Chicago residents with access to clean, low‑cost energy and inclusive workforce development opportunities while helping to lower carbon emissions in underserved neighborhoods.

Wells Fargo has a total of more than 4,400 U.S. retail bank branches as of the end of June 2023.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 47 on Fortune’s 2023 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low‑carbon economy.

News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at | Twitter: @WellsFargo

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Julia Tunis‑Bernard

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