Readers, I'm pleased to announce that Wells Fargo's 2011 Corporate Social Responsibility (CSR) Report is debuting on the Wells Fargo Environmental Forum. The report highlights our broad sustainability efforts, including environmental accomplishments on pages 29-34.
Here to introduce the report is Jon Campbell, who heads up our Social Responsibility Group. Without further ado, I'll turn the Forum over to him. (—MW)
At Wells Fargo, we work hard to help our customers and communities succeed because when they succeed, so do we. We have demonstrated that belief throughout our 160-year history of providing for our customers, employing a strong and diverse workforce, and helping our communities find solutions to social, economic, and environmental issues.
I'm proud to share that today we have issued our sixth CSR Report, Community commitment. Unchanged vision (PDF*). It provides updates on Wells Fargo's progress and performance in addressing critical social, economic, and environmental issues in the communities where we live, work, and do business. Wells Fargo's CSR efforts are focused on five strategic focus areas: ethical business practices, product and service responsibility, team member engagement, environmental stewardship, and community investment.
Here are a few examples of our achievements, which are described in the report in more detail:
- We invested $213.5 million in 19,000 nonprofits, including $67.8 million to educational programs and schools, and $63.2 million to nonprofits focused on community development in distressed communities, including affordable housing, homeownership counseling, financial education, workforce development and job creation.
- Our team members increased their giving to more than $63.9 million, and their volunteer hours to 1.5 million for more than 28,000 nonprofits and schools.
- Our new Consumer Council, made up of senior business leaders, monitors and ensures we are offering responsible financial solutions, and truly meeting the needs of all communities, across all of our consumer products, advice and services.
- We completed 740,359 mortgage loan modifications for customers since January 2009. We launched Leading Forward for Home OwnershipSM, a series of initiatives to help new borrowers better prepare for homeownership, make fully informed borrowing choices, and effectively manage their finances after they've purchased a home.
- We provided more than $2.8 billion in finance to support environmentally beneficial business opportunities, with more than $1.5 billion in loans to Leadership in Energy and Environmental Design (LEED®)-certified commercial buildings and community development projects.
- Our team members delivered financial education lessons to 111,975 individuals and families during the American Bankers Association's Teach Children to Save and Get Smart About Credit campaigns, an 87% increase over 2010.
- Our 48 market reputation committees across the country help us better understand community concerns and coordinate community outreach. Wells Fargo values the input of internal and external stakeholders in the development of new policies, products, and approaches to serving our customers and communities.
While we've made good progress, we will continue to remain open, transparent and accountable as we work to be known as one of the world's great companies. The report also includes new targets for the company through 2020 that will help further our progress. Most noteworthy are our commitments to:
- Invest and lend $15 billion in community development projects by 2016
- Lend $35 billion to borrowers in 10 to 15 cities challenged with foreclosures through our new NeighborhoodLIFT™ program by 2016
- Provide $30 billion in environmental finance by 2020
- Develop a human rights statement by 2013
Again, we are so excited to share our 2011 CSR Report with all of you today. What do you think? We always welcome your questions and comments.
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