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.
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Wells Fargo’s Corporate Philanthropy
Totals $286.5 Million for 2017 (Graphic: Business Wire)
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180221005972/en/
Kali Caldwell,
202-416-2686Kali.Caldwell@wellsfargo.com@KaliCaldwellWF
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