Wells Fargo Donates $281.3 Million in 2016 to 14,900 Nonprofits
Company's team members also donated to 30,000 nonprofits and volunteered
SAN FRANCISCO, March 9, 2017 /3BL Media/ – Wells Fargo & Company (NYSE: WFC) supported 14,900 nonprofits in 2016, donating $281.3 million to organizations across the country. Separately, Wells Fargo’s team members showed their commitment to communities by donating a total of $98.87 million to 30,000 nonprofits, including $60.7 million that was pledged during the company’s monthlong Community Support Campaign. For the eighth consecutive year, United Way Worldwide named Wells Fargo’s workplace giving campaign No. 1 in the U.S. Visit Wells Fargo Stories for infographics illustrating the impact of our 2016 corporate giving and team member philanthropy and volunteerism.
“Even while we as a company are in the midst of rebuilding trust, our team members continued to step up, showing an unwavering dedication to caring for others,” said Jon Campbell, head of Government and Community Relations. “This shows the true character of our team members and the true passion they have for helping our communities thrive.”
More than 80,000 team members donated during the company’s Community Support Campaign, where team members donate their time and money to support charitable organizations. United Way Worldwide has recognized Wells Fargo’s campaign as the largest in the country every year since 2009.
“We’re grateful to Wells Fargo and its team members for their continued commitment to making a positive impact on people’s lives,” said Brian Gallagher, president and CEO of United Way Worldwide.
More than 82,000 team members also donated their time in 2016, reporting 1.73 million volunteer hours with nonprofits, which equals a monetary value of more than $40 million according to Independent Sector.*
Wells Fargo provides first progress report towards 2020 philanthropic goals
Last year, Wells Fargo launched an integrated, companywide corporate social responsibility strategy and five year-goals that focus on three areas: strengthening financial self-sufficiency and creating economic opportunities in underserved communities; advancing diversity and social inclusion and helping to ensure that there is equal access to resources and opportunities to succeed; and accelerating the transition to a lower-carbon economy and helping to reduce the impacts of climate change.
The company last year announced a philanthropic goal of $665 million in these three areas by 2020. Of the $281.3 million** Wells Fargo donated to nonprofits last year, $139.9 million directly supported our 2020 strategic philanthropy goals. The donations included:
- $87.9 million to support economic empowerment and opportunities in underserved communities, including financial education, sustainable housing, small businesses and other critical economic needs. The 2020 goal is $500 million.
- $36.4 million to advance diversity and social inclusion, including the development of women and other diverse leaders, and other critical social needs. The 2020 goal is $100 million.
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$15.6 million to support environmental sustainability, including clean technology, environmental education, and strengthening community resiliency. The 2020 goal is $65 million.
The remaining donations were directed to community-based organizations where Wells Fargo team members live and work, including education, community development, the arts and civic-focused nonprofits.
The company will report more progress related to its 2020 corporate social responsibility goals when Wells Fargo's 2016 Corporate Social Responsibility Report is released in April.
*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 $23.56.
** Total includes $3.8 million in giving by the Wells Fargo Regional Foundation.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 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 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. News, insights and perspectives are also available at Wells Fargo Stories.
