- Raising the minimum hourly pay rate for its team members to $15 per hour.
- Targeting $400 million in donations to community and nonprofit organizations in 2018. The company also announced that beginning in 2019, it will target 2 percent of its after-tax profits for corporate philanthropy.
- As part of this expanded philanthropy, targeting $100 million in capital and other resources over the next three years to support the growth of diverse small businesses and $75 million in 2018 to its NeighborhoodLIFT ® program, an innovative public-private collaboration focused on sustainable homeownership and neighborhood revitalization.
Expanding our philanthropic commitmentThe company's plan to target $400 million in donations to nonprofits and community organizations in 2018 is an increase of approximately 40 percent from 2017. Wells Fargo already is one of the top corporate cash donors, ranking first among financial institutions and third among all U.S. companies in a 2016 report (most recent ranking) by The Chronicle of Philanthropy. "We understand the important role we play in helping our communities, so we will continue to identify additional opportunities where Wells Fargo can make a difference," Sloan said. "Wells Fargo's increased philanthropy will have a positive effect on the causes and communities we support and further enhance our Corporate Social Responsibility efforts, which will continue to focus on advancing diversity and social inclusion, creating economic opportunities in underserved communities, and accelerating the transition to a lower-carbon economy and a healthier planet." Supporting more small businesses As part of this increased philanthropy, the company will target investing $100 million over three years, beginning in 2018, to provide access to capital to diverse small businesses through the continuation and expansion of the Wells Fargo Works for Small Business ®: Diverse Community Capital (DCC) program. The program provides access to capital, technical assistance, financial services, mentoring and other resources for diverse small businesses that may not qualify for conventional bank loans. Since 2016, the DCC program has invested more than $55 million for diverse small businesses, including those owned by African Americans, Asians, Hispanics, LGBT individuals, veterans, Native Americans, and women. Creating more homeowners The company's $75 million target for the NeighborhoodLIFT ® program in 2018 is double the amount of the program in 2017. This innovative program delivers down payment assistance and financial education to homebuyers in collaboration with NeighborWorks ® America and local nonprofit organizations. Since February 2012, LIFT programs have helped create nearly 15,500 homeowners in 57 communities across the country, and more than 52,000 individuals have received homebuyer education from NeighborWorks ® America members. The majority of LIFT homebuyers are in the low-to-moderate income range. Gifts to Habitat for Humanity and United Way As announced earlier this week, Wells Fargo gifted $18 million to Habitat for Humanity International to support its services and to help with disaster rebuilding efforts in Texas, Florida, and Puerto Rico, and an additional $18 million to the United Way Worldwide to support the organization's efforts to advance the health, education and financial stability of the underserved by helping one million people find jobs over the next five years. Both 2017 gifts will help to build stronger, more resilient communities by increasing access to basic needs such as stable housing, steady employment, and education. About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 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, insurance, investments, mortgage, and consumer and commercial finance through more than 8,400 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 268,000 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.