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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.

The U.S. housing shortage is particularly acute in Wells Fargo’s hometown of San Francisco.

Photographer: Michael Short/Bloomberg

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.