Wells Fargo plans to donate more than $665 million in philanthropic giving to meet new corporate social responsibility goals it has set.
The $1.8 trillion-asset banking company outlined the goals in its 2015 CSR report, released Thursday, and said it hopes to achieve them by the end of 2020.
"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," Wells' chairman and CEO, John Stumpf, said in a news release Thursday. "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."
The new goals build on previous objectives, many of which the company said it completed or exceeded ahead of schedule.
It plans to donate $100 million "to meet critical social needs such as advancing social inclusion through education, and developing women and diverse leaders" and to expand "opportunities for women and diverse talent, including a goal to increase military veteran team members from 8,200 to 20,000." Other goals in the category of economic empowerment include offering $75 million in grants and lending "to help diverse-owned small businesses access capital and technical assistance."
It plans to extend $150 billion in mortgage originations to minority households and $70 billion to low-to-moderate-income households through retail and correspondent networks, and to provide homebuyer education and down payment assistance to 4,000 lower-income homebuyers through LIFT programs.
Other economic initiatives include helping to build or improve 1,000 homes by 2020 for low- and moderate-income households, including seniors and veterans.
The company plans to purchase renewable energy for 100% of its power needs by 2017 through a transition to long-term arrangements to fund new green power sources by 2020. It hopes to reduce its water use by 65%, and hopes to improve energy efficiency by 40% versus 2012 levels and greenhouse gas emissions by 45% versus 2008 levels. It said it has already reduced water use by 47% and increased energy efficiency of its operations by 26% from 2012.