OREANDA-NEWS. Wells Fargo & Company (NYSE: WFC) announced today an integrated, company-wide corporate social responsibility (CSR) strategy to address global social, economic, and environmental challenges over the next five years through products and services, culture and operations, and philanthropy. As part of this effort, Wells Fargo established new CSR goals, including significant commitments in home and small business lending, community investment, operational efficiency, and corporate philanthropy, among other things, through 2020.

The strategy, which was unveiled as part of the release of Wells Fargo’s 2015 CSR report (PDF), outlines measurable goals that the company will focus on through the end of 2020 to recognize and respond to three important priorities:

  •    The demographic and cultural shifts taking place in society;
  •    The financial needs of underserved individuals and communities; and,
  •    The impacts of climate change and natural resource constraints on communities and customers.

“To continue to succeed as a global bank, Wells Fargo must help address these social, economic, and environmental challenges and strengthen the communities in which we operate for current and future generations,” said Wells Fargo Chairman and CEO John Stumpf. “Our efforts to integrate CSR strategies across all aspects of our business, products, and culture position us to have a positive and critical impact on people, industries, and the broader global economy when and where it matters most.”

Wells Fargo’s approach reflects the company’s longstanding commitment to delivering practical solutions for the customers and communities it serves. The new 2020 CSR goals build upon Wells Fargo’s previous objectives — several of which were achieved or exceeded ahead of schedule — including goals for supplier diversity, environmental financing, community development investments, and volunteer hours. In corporate philanthropic giving, the company will donate more than $665 million by 2020 to address social, economic, and environmental needs, in addition to time and financial resources given to local nonprofits in the communities in which Wells Fargo operates.

Key commitments

Diversity and social inclusion

Wells Fargo’s 2020 social commitment enhances its ability to meet the needs of an increasingly diverse customer base and promote an inclusive, engaged culture. The company will also expand opportunities for diverse customers, suppliers, and talent. Goals include:

  •  Donating $100 million to meet critical social needs such as advancing social inclusion through education, and developing women and diverse leaders
  •  Investing in emerging technologies and innovative solutions to address the needs, values and preferences of diverse customers
  •  Spending 15 percent of procurement dollars with diverse suppliers and building capacity through diverse supplier development
  •  Expanding opportunities for women and diverse talent, including a goal to increase military veteran team members from 8,200 to 20,000

Economic empowerment

Wells Fargo’s 2020 economic commitment focuses on strengthening individual financial knowledge and improving economic opportunities in underserved communities through products, services and financial tools. The goals include:

  • Providing $500 million in philanthropic giving to critical economic needs such as financial education, and affordable housing
  • Extending $150 billion in mortgage originations to minority households and $70 billion in mortgage originations to low-to moderate-income households through retail and correspondent networks
  • Providing homebuyer education and down payment assistance to more than 4,000 lower-income homebuyers through LIFT programs, bringing total homeowners created to more than 15,000 by 2020
  • Helping to build and improve 1,000 homes by 2020 in support of affordable housing initiatives serving low-and moderate-income households, including for seniors, veterans, and families
  • Offering $75 million in grants and lending to help diverse-owned small businesses access capital and technical assistance
  • Providing 12 million customers with credit scores and support for managing overall financial health

Environmental sustainability

Wells Fargo’s 2020 environmental commitment is focused on accelerating the planet’s transition to a lower-carbon economy and reducing the impacts of climate change on communities and customers. Wells Fargo will enhance its operational efficiency as well as advance clean technology and environmental solutions through philanthropy and financing. Goals include:

  • Providing $65 million in philanthropic giving to critical environmental needs such as clean technology, and environmental education
  • Purchasing renewable energy to power 100 percent of our operations by 2017 with a transition to long-term agreements that fund new sources of green power by 2020
  • Reducing water use by 65 percent and increasing energy efficiency by 40 percent (2012-2020) and reducing greenhouse gas emissions by 45 percent (2008-2020)
  • Continuing to finance and invest in sustainable business opportunities; and developing new products and solutions to address critical environmental needs

“Our strategy is focused on three priorities that we believe offer the greatest value to our business and society:  diversity and social inclusion, economic empowerment, and environmental sustainability,” said Jon Campbell, head of Government and Community Relations for Wells Fargo. “We’re great believers in setting goals. They play a critical role in helping us advance our CSR priorities across our business and geographies, and enable us to report on our progress in a more concrete and transparent manner.”

2015 Corporate Social Responsibility Report

Wells Fargo also noted significant achievements thus far in its 2015 Corporate Social Responsibility report (PDF) which details the company’s performance and progress across multiple areas. Wells Fargo:

  • Donated $281.3 million to 16,300 nonprofits to support critical community needs
  • Reduced water use 47 percent and increased operational energy efficiency 26 percent since 2012
  • Achieved a 30 percent reduction in greenhouse gas emissions since 2008
  • Provided more than $52 billion in financing to environmental beneficial businesses since 2012
  • Invested $7.6 billion in community development projects in low- and moderate-income areas
  • Hired more than 1,500 veterans, for a total of 8,200 self-identified veteran team members
  • Spent 12 percent – or $1.2 billion – of its procurement budget with diverse suppliers
  • Provided $68.5 million in financial education, jobs assistance, and home donations for military members and veterans since November 2012

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,800 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries 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. 30 on Fortune’s 2015 rankings of America’s largest corporations. In 2015, Wells Fargo donated $281.3 million to support social, economic, and environmental initiatives and causes and Wells Fargo team members volunteered 1.86 million hours in their communities. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Stories and Wells Fargo Blogs.