Wells Fargo Pledges $1 Billion for Affordable Housing in Philanthropic Push
The U.S. housing shortage is particularly acute in Wells Fargo’s hometown of San Francisco.
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Wells Fargo & Co. pledged $1 billion to support affordable housing initiatives as the scandal-tarnished bank embarks on a plan to spend 2% of its profits on philanthropy.
The six-year commitment to housing announced Wednesday is part of a broader overhaul of the lender’s philanthropic strategy, which also will focus on supporting small businesses and helping consumers manage finances. The bank previously said it will donate a cut of after-tax earnings to a variety of causes starting in 2019, after pumping $444 million into 11,000 nonprofits last year.