Well Fargo Headquarters,
420 Montgomery Street,
California 94104, U.S.
TEL : 00 800 9564 4422
FAX : 1-844-879-0544
- #1 Banking and Financial Services organizations in the U.S. Environmental Protection Agency’s Green Power Partnership National Top 100, and #4 overall
- #2 Most Generous Cash Donor (U.S.) (2018) The Chronicle of Philanthropy
- Green Power Partnership National Top 100
- No. 1 workplace giving campaign for the 10th consecutive year, United Way Worldwide
- A- on CDP awarded
- 14th Top Company for LGBT Employees (2019) DiversityInc
- 13th Top Company For Diversity (2019) DiversityInc
- 21st best company for Latinas (2019) LATINA Style
- 5 Star Company, Corporate Inclusion Index (2019) Hispanic Association on Corporate Responsibility
- GEI member, 2020 Bloomberg GenderEquality Index
- Leading Disability Employer Seal (2019) National Organization on Disability
- 2019 Military Friendly Employers® • 2019 Military Spouse Friendly Employer®
- Top 50 most community-minded companies (2019) Points of Light
- Perfect Score – 100 Corporate Equality Index (2020, 17th year) Human Rights Campaign
CHIEF SUSTAINABILITY OFFICER
- 2019 Citizens Award from the U.S. Chamber of Commerce Foundation for Best Environmental Stewardship Program
- NeighborhoodLIFT® received the American Bankers Association Foundation’s highest honor with its 2019 Community Commitment Award for Affordable Housing
Report created by Sagarika Deshmukh
Wells Fargo & Company is a diversified, community-based financial services company with $1.9 trillion in assets.
Founded in 1852 and headquartered in San Francisco, California, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance to support customers who conduct business in the global economy.
Wells Fargo is committed to making a positive impact by helping people and communities succeed financially – and creating solutions for a stronger, more sustainable future where everyone can grow and prosper.
Wells Fargo has long been committed to market-competitive compensation, career-development opportunities, a broad array of benefits, comprehensive health care coverage, 401(k) matching contributions, parental and critical caregiving leave, and strong work-life programs. Approximately 60% of Wells Fargo’s noninterest expense represents compensation and benefits.
Wells Fargo committed to fostering a culture of environmental stewardship, which includes, finding new ways to minimize energy consumption and investing in renewable sources of energy to power their operations.
Operating with greater efficiency helps to achieve cost savings, enhance their team member experience, minimize their impact on the environment, manage risks associated with environmental performance, and set a positive example for the business community.
Company Sustainability Activity
Wells Fargo is committed to providing $200 billion from 2018-2030 to support environmental sustainability; with 50% of their commitment going towards low-carbon opportunities. They are disclosing Wells Fargo’s reporting methodology to help stakeholders better understand Wells Fargo’s working definition of sustainable finance for purposes of measuring the company’s progress towards this commitment. There’s no agreed-upon industry methodology for what should or should not be included within sustainable finance reporting. To the extent possible, Wells Fargo’s sustainable finance reporting is guided by the Green Bond Principles and Climate Bonds Initiative, and alignment with the United Nations (UN) Sustainable Development Goals.
- Wells Fargo continues to purchase renewable electricity to meet 100% of their global operations needs
- Wells Fargo transitions to long-term agreements that fund new sources of green power by 2020
- Sustain or increase their 45% reduction in greenhouse gas emissions from 2008 levels
- Reduce energy consumption 40% (2008 to 2020)
- Wells- Fargo achieved LEED® status for 35% of buildings (by square footage in leased and owned buildings)
- Wells Fargo aims to sustain or increase their 45% reduction in greenhouse gas emissions from 2008 levels.
- Wells Fargo aims to provide $200 billion in businesses and projects by 2030 and use 50% of the investment toward low-carbon opportunities.
- Wells Fargo strives to provide $65 million to increase overall giving to critical environmental needs
- Wells Fargo set a target to purchase renewable electricity to meet 100% of their global operations needs by the close of 2017
- Wells Fargo aims to transition to long-term agreements that fund new sources of green power by 2020
- Goal to reduce energy consumption by 40%
- Wells Fargo aims to achieve LEED® certification for 35% of buildings
- Goal to reduce water consumption 65%
- Strive to reduce total waste stream 50%
- Aiming to enhance sustainability of the supply chain
- Striving to achieve 250,000 team member commitments to improving sustainability.
- Wells Fargo will build and improve 1,000 homes for low- and moderate-income households.
- Support and administer the WE Care Fund
- Wells Fargo aims to provide $500 million to increase their overall giving to critical economic needs.
- In the works of helping 12 million customers better manage their credit scores.
- Aim to extend $175 million to Community Development Financial Institutions (CDFIs) serving diverse small businesses.
- Wells Fargo has set the goal to originate $150 billion in new purchase loans to minority households.
- Aiming to originate $70 billion in new purchase loans to low- and moderate-income households.
- Wells Fargo strives to achieve 8.5 million team member hours volunteer hours with 40% team member participation.
- The company has set the target to provide down payment assistance to more than 4,000 lower-income homebuyers.
- Strive to provide $100 million to increase their overall giving to critical social needs.
- Wells Fargo will invest in emerging technologies and innovative solutions to meet changing customer preferences.
DIVERSITY AND INCLUSION
- Wells Fargo aims to increase participation in team member volunteer groups by 30%.
- They strive to increase the veteran team member population to 20,000.
- The company strives for 15% of procurement spend with diverse suppliers and build capacity through supplier development
HEALTH AND SAFETY
- Wells Fargo will work to enhance human rights risk management and reporting.
REDUCING ENVIRONMENTAL IMPACT
- Wells Fargo provided approximately $23 billion to financing to sustainable businesses and projects with 63% toward low-carbon opportunities.
Wells Fargo provided $30.1 million to meet critical environmental needs.
→They gave $6.7 million to advance clean technology and innovation.
→They gave $3.4 million to support environmental education.
→They gave $20.0 million to foster resilient communities.
- Wells Fargo purchased renewable energy certificates (RECs) to meet 2018 global electricity needs.
- The company supported the Bangalore off-site solar asset and Minnesota Community Solar Garden program through long-term agreements representing 18,000 megawatt hours (MWh) annually of net new capacity to the grid.
- Wells Fargo achieved 8,900 MTCO2e reduction, equivalent to emissions of 1,890 passenger vehicles driven for one year.
- 19,900 MWh energy usage reduction, equivalent to 1,600 homes’ annual energy use.
- Wells Fargo achieved over 470,000 square feet of LEED-certified projects, equivalent to eight football fields.
- They reduced 23 million gallons of water, equivalent to giving everyone in Los Angeles six 16-oz water bottles.
- The company reduced the 20 million pound waste stream, equivalent to 700 full 1 dump trucks worth of trash.
- Wells Fargo was recognized as a CDP Supplier Engagement Leader.
- Wells Fargo made 36,250 new team member commitments to improve sustainability.
- In 2018, Wells Fargo launched or announced several products and services to help customers better manage their money and spending in a more convenient, proactive way.
Wells Fargo provided $40.3 million to meet social needs
→They gave $16.6 million to advance social inclusion social needs.
→They provided $11.0 million to increase financial capability of diverse consumers.
→They gave $12.7 million to develop women and diverse leaders.
- The company achieved 2.04 million hours of volunteering (5.8 million hours since 2016) with 35.6% of employees participating.
- The company had a 9% increase in participation in team member volunteer groups.
- Wells Fargo hired 1,502 veterans.
- Wells Fargo spent $1.36 billion on diverse suppliers, or spent 11.7% of total procurement; surpassing the financial services industry average of 9.3%2.
- They helped 4 million customers better manage their credit scores.
- The company extended $39.7 million to Community Development Financial Institutions (CDFIs) serving diverse small businesses.
- They originated $35 billion in new purchase loans to minority households.
- They originated $15.3 billion in new purchase loans to low- and moderate-income households.
- Wells Fargo provided homebuyer education to 3,665 lower-income homebuyers.
- They provided down payment assistance to more than 3,922 lower-income homebuyers.
Wells Fargo provided $139.3 million to increase their giving to society’s critical economic needs.
→They gave $7.3 million to increase the financial capability
→They gave $25.4 million to empower small businesses
→They gave $106.6 million to strengthen communities and families through sustainable housing
- The company provided 2,804 grants totaling $4.9 million awarded to team members of the WE Care Fund
- Wells Fargo built and supported a total of 489 home rehabs.
HEALTH AND SAFETY
- Wells Fargo has enhanced human rights due diligence and started to develop and roll out human rights training.
- LEED® certification
- Global Reporting Initiative Standards (GRI)
- Sustainability Accounting Standards Board (SASB)
UN Sustainable Development Goals
UN SDGs Compliance
- Wells Fargo works with a wide range of community organizations and government agencies to help underserved individuals and families gain access to banking, learn to manage their finances, and ultimately become more financially stable. For example, the company committed $2 million over four years to help the Cities for Financial Empowerment Fund to launch its Bank On Fellowship program, supporting locally led coalitions in delivering greater access to banking and financial education.
- Since 2009, the Wells Fargo Home Lending team has provided more than 12.7 million homeowners with loans to either purchase a home or refinance an existing mortgage.
- While the company is proud to be the largest mortgage lender and servicer in the U.S., the success is measured by the difference made for Wells Fargo’s customers and the communities served. In 2018, Wells Fargo originated $15.3 billion in new purchase loans to low- and moderate-income households, putting the company on track to meet the goal of $70 billion by 2020.
- Wells Fargo also originated $35 billion in new purchase loans to minority households in 2018, contributing to the goal of $150 billion by 2020.
- 57% of Wells Fargo’s workforce is female. Named to Women’s Business Enterprise National Council (WBENC) Top Corporation Hall of Fame for their commitment to women-owned businesses, including $392 million spent with women-owned businesses.
- Wells Fargo has been committed to market-competitive compensation, career-development opportunities, a broad array of benefits, comprehensive health care coverage, 401(k) matching contributions, parental and critical caregiving leave, and strong work-life programs.
- Approximately 60% of Wells Fargo’s noninterest expense represents compensation and benefits. To support women aspiring to run science, technology, engineering, and mathematics (STEM) businesses, Wells Fargo teamed up with STEM Connector to fund the Million Women Mentors Entrepreneurship Initiative (MWM-Ei) Mentor Program.
- In 2018, Wells Fargo announced an ambitious and multi-faceted sustainable finance commitment anchored around a pledge to provide $200 billion in financing to sustainable businesses and projects between 2018 and 2030.
- They aim to finance clean technology and renewable energy transactions and invest in environmentally beneficial companies and projects.
- Furthermore, Well Fargo wants to continue to be transparent in their sustainable finance accounting, reporting carbon intensity of their portfolio, following leading practices for carbon related disclosures, participate in and promote organizations advancing sustainable finance, support leading organizations focused on clean technology development and entrepreneurship. The intend to meet 100% of Wells Fargo’s global electricity needs with renewable energy1 and entered into its largest long-term renewable energy purchase to date.
- Wells Fargo’s diversity and inclusion values of respect, openness, and growth are ingrained in their business decisions and in the community advocacy. They recognize the opportunity that working with diverse business owners presents and they pursue opportunities to engage the diverse supplier community, increase diverse spend, and build capacity and expertise for high-potential diverse suppliers.
- They’re committed to further expanding Wells Fargo’s diverse supplier pipeline, and they’ve set an ambitious goal to achieve 15% of their procurement spend with diverse suppliers. Achieving the 15% aspirational goal will propel them into the range of world class companies.
- In 2018, the company achieved $1.36 billion in diverse supplier spend, representing 11.7% of their total procurement spend. They also launched a new learning platform, Develop You, to support the career growth and development of the company’s employees.
- Wells Fargo has a long tradition of helping the communities and the people the company employs in these times of need. They contributed $9.7 million to the American Red Cross and other local nonprofits to support communities hit by devastating hurricanes, flooding, and wildfires, up from $4.1 million in 2017. For the 18th time since 2012, Wells Fargo dispatched its Mobile Response Unit and Customer Assistance Recovery Effort (CARE) team of volunteers to set up mobile recovery centers to help customers dealing with property damage and insurance policies, as well as questions about certain fees on auto and other personal loans, credit cards, lines of credit, and other services.
- Nationwide, they waived $34 million in fees for customers recovering from various disasters in 2018. The company committed $1 billion in philanthropic capital to address the U.S. housing affordability crisis through 2025. Since 2009, the Wells Fargo Home Lending team has provided more than 12.7 million homeowners with loans to either purchase a home or refinance an existing mortgage.
- In 2018, Wells Fargo expanded the Wells Fargo Innovation Incubator (IN²) program to advance technologies that address the interconnection of food, water, and energy. To support this new focus area, they added the Donald Danforth Plant Science Center, the world’s largest independent plant science institute, as a strategic partner to help develop and validate promising agricultural technologies that address critical sustainability challenges. Working with the Danforth Center, they’re launching the first cohort of startups working at this important intersection in 2019. Provided ~$26 billion in financing to sustainable businesses and projects to accelerate the transition to a low-carbon economy; bringing the cumulative total to ~$49 billion of their $200 billion commitment. Wells
- Fargo acknowledges their investors and other stakeholders have a keen interest in the disclosure of climate-related risks and opportunities. As part of their sustainable finance commitment, they aim to implement the Task Force on Climate-related Financial Disclosures (TCFD) recommendations which provide a framework for companies and other organizations to develop more effective climate-related financial disclosures through their existing reporting processes.
Wells Fargo is committed to help address society’s most pressing and complex challenges. The company has incorporated sustainability throughout their business model.
As a company, Wells Fargo continues to strengthen their business for the future by complying with the United Nations Sustainable Development Goals (SDGs), having clear targets and initiatives to incorporate sustainable practices, and has multiple certificates to substantiate their goals.
In addition, Wells Fargo listings and awards, providing an incentive for integrating sustainability more deeply into their big business. By taking action in support of their strategic corporate responsibility priorities, Wells Fargo also contributes to advancing the global priorities outlined in the SDGs. This is why they get a score of B.
Analyst Outlook: Neutral
Since Wells Fargo is recognized by many organizations and listed as top companies in sustainability businesses. The company also have several certifications and awards.
- Feb 14, 2019 – The U.S. The Environmental Protection Agency (EPA) has named Wells Fargo to its Green Power Partnership National Top 100 for using nearly 2 billion kilowatt-hours (kWh) of renewable energy annually, representing 100 percent of the company’s global electricity requirements.