SAN FRANCISCO - May 30, 2012
Wells Fargo & Company (NYSE: WFC) and United Way Worldwide have announced a five-year, $5 million national effort to provide multi-year financial counseling for low- and moderate-income (LMI) households. Community-based groups in Wells Fargo key markets will focus on providing LMI households with financial education, access to safe and effective financial products, and training on how to use them.
“This partnership will address the major obstacles that low- to moderate-income households face,” said Jon Campbell, head of Social Responsibility for Wells Fargo. “It will help them get access to education and resources so that they can cover their monthly expenses, track spending, plan for the future, use financial products and services effectively, and continue to learn.”
In the first few months of the partnership, United Way will issue a request for proposals, in consultation with Wells Fargo and in Wells Fargo-identified markets, to select three to six local United Ways as the initial anchors of what will be the Wells Fargo Financial Capability Network. Wells Fargo and United Way will collaborate on creating the network, defining collective nationwide benchmarks for success, and providing opportunities for local innovation.
“Wells Fargo is not only United Way’s largest campaign in the U.S., but it’s also a national leader in financial stability work that is improving the lives of individuals and families,” said Brian Gallagher, president and CEO of United Way Worldwide. “Thanks to Wells Fargo’s generosity and ongoing partnership, this important new initiative will have a lasting impact, helping us reach more people in more communities across the country.”
“Our five-year plan will enable us to have a meaningful impact in our local markets,” said Tim Hanlon, head of Philanthropy for Wells Fargo. “This is in keeping with Wells Fargo’s time-tested approach of making its grant and charitable giving decisions locally, drawing upon the knowledge and expertise of those who know the particular needs of the communities they call home.”
Once United Way identifies the local United Ways that will serve as anchors for the Wells Fargo Financial Capability Network, the local groups will begin to establish the organizational performance and quality standards for case management and service delivery. The anchor groups will document and share best practices with the goal of replicating the programs in other communities and regions, and Wells Fargo and United Way will expand the network each year based on the foundation provided by the anchor groups.
United Way is a global network of volunteer-led nonprofit organizations supporting a variety of initiatives that promote education, income stability, and community health.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. In 2011, the Company invested $213.5 million in grants in 19,000 nonprofits, and team members contributed more than 1.5 million volunteer hours around the country. For more information, please visit: www.wellsfargo.com/about/csr.