Wells Fargo: Committed to creating stronger communities
Wells Fargo’s Jon Campbell outlines the company’s new priorities for corporate social responsibility — focusing on diversity and inclusion, economic empowerment, and environmental sustainability.
As a leading global financial services company, Wells Fargo takes social, economic, and environmental challenges very seriously. We know that our long-term success is directly linked to the success of the customers and communities we serve, and we believe Wells Fargo has a significant role to play in providing thought leadership and delivering practical solutions to have an impact on current and future generations.
More than ever in this economy, our communities need access to: financing and financial education for consumers and small business owners; employment opportunities and training for an increasingly diverse workforce; safe and affordable housing and energy sources; and support for nonprofits that deliver critical social services.
On April 21, in conjunction with the release of our 2015 CSR report (PDF), we announced a new 2020 CSR commitment, priorities, and goals that will challenge us to further improve our company, our communities, and our planet over the next five years.
Our 2020 corporate social responsibility priorities* follow.
Diversity and social inclusion
The increasingly diverse demographics of Wells Fargo’s customers, workforce, suppliers, and communities provide some of our greatest opportunities. We want to help create a world in which diversity and inclusion are valued and everyone — our customers, team members, suppliers, and communities — feels respected and has equal access to resources, products, services, and opportunities to succeed.
Our 2020 goals for diversity and social inclusion include:
- Donating $100 million to critical social needs such as developing diverse leaders and women, and advancing social inclusion through education.
- Expanding opportunities for diverse talent, including a goal for increasing the number of military veterans from 8,200 to 20,000.
- Mobilizing our team members to volunteer 8.5 million hours with nonprofits and schools in their communities.
- Spending 15 percent of our total controllable procurement budget with diverse suppliers, up from our previous goal of 10 percent, which we’ve already exceeded.
One of the most pressing global issues is the widening gap between the wealthy and the under-resourced. In the U.S. alone, there are more than 34.4 million households that are unbanked or underbanked and may be relying on costly alternative financial services. We want to do everything we can to strengthen financial self-sufficiency and increase economic opportunities and income mobility in underserved communities.
Our 2020 economic goals include:
- Donating $500 million to critical economic needs such as financial education, small businesses, and affordable housing.
- Originating $150 billion in purchase loans to diverse households.
- Extending $100 billion in loans to support new small businesses from 2014 to 2018.
- Originating $70 billion in mortgages to low- to moderate-income households.
Climate change, natural-resource constraints, and other environmental challenges significantly affect the health and quality of life of our team members and customers, and more broadly, the economic resiliency of our communities. We want to do our part to accelerate the transition to a lower-carbon economy and help reduce the impacts of climate change on our customers and communities.
Our 2020 environmental sustainability goals include:
- Increasing water efficiency by 65 percent from 2012 to 2020 and diverting 65 percent of waste.
- Purchasing renewable energy to power 100 percent of our operations by 2017.
- Donating $65 million to critical environmental needs.
- Reducing our absolute greenhouse gas emissions by 45 percent.
Our newly released 2015 CSR report highlights our performance for the year and also includes more context about how we will work to continue to address the complex social, economic, and environmental challenges our communities — and our world — are facing.
Wells Fargo is fully committed to creating solutions for stronger communities, and we’re looking forward with optimism and excitement for the journey ahead to 2020.
*Time frame for all goals is 2016-2020 unless otherwise noted.