History of Wells Fargo in Timeline
Wells Fargo & Company is a multinational financial services company based in the United States with operations in 35 countries, serving over 70 million customers globally. It is recognized as a systemically important financial institution internationally and is considered one of the four largest banks in the US.
1954: Name Change to Wells Fargo Bank
Wells Fargo & Union Trust simplified its name to Wells Fargo Bank in 1954.
1962: Return to Wells Fargo Bank Name
After a merger with American Trust Company in 1958 resulted in the name Wells Fargo Bank American Trust Company, the institution reverted to the name Wells Fargo Bank in 1962.
1968: Federal Charter and Merger with Sonoma Mortgage
Two significant events occurred in 1968: Wells Fargo transitioned to a federal banking charter, becoming Wells Fargo Bank, N.A., and merged with Henry Trione's Sonoma Mortgage.
1975: End of the US Railway Express Agency (REA)
The US Railway Express Agency (REA), which was formed after the US government nationalized Wells Fargo's express business during World War I, ceased operations in 1975 after being privatized.
1978: Beginning of Embezzlement Scheme
Lloyd Benjamin "Ben" Lewis's embezzlement scheme, which involved writing fraudulent debit and credit receipts to benefit boxing promoters, began in 1978 and continued until 1981.
1981: Discovery of Lloyd Benjamin Lewis Embezzlement
In 1981, Wells Fargo uncovered one of the largest embezzlement cases in history, orchestrated by Lloyd Benjamin "Ben" Lewis, an assistant operations officer at the bank's Beverly Drive branch.
September 1983: The White Eagle Robbery
In September 1983, a Wells Fargo armored truck depot in West Hartford, Connecticut, was targeted in the White Eagle robbery, orchestrated by the Puerto Rican independence group Los Macheteros. The robbers, which included an inside man, stole $7.1 million, marking it as the largest US bank theft up to that point in time.
1986: Acquisition of Crocker National Bank
Wells Fargo acquired Crocker National Bank from Midland Bank in 1986.
1987: Acquisition of Bank of America's Personal Trust Business
In 1987, Wells Fargo expanded its wealth management operations by acquiring the personal trust business of Bank of America.
1988: Acquisition of Barclays Bank of California
Wells Fargo acquired Barclays Bank of California from Barclays plc in 1988, further expanding its presence in the California market.
1991: Expansion in California with Great American Bank Acquisition
Strengthening its foothold in California, Wells Fargo acquired 130 branches from Great American Bank for $491 million in 1991.
May 1995: Wells Fargo Pioneers Internet Banking
In May 1995, Wells Fargo made history by becoming the first major US financial services firm to offer internet banking, showcasing its early adoption of technology.
1996: Acquisition of First Interstate Bancorp
Wells Fargo acquired First Interstate Bancorp for $11.6 billion in 1996, a significant move that expanded its reach in the western United States.
1998: Acquisition by Norwest Corporation
In 1998, Wells Fargo Bank was acquired by Norwest Corporation, headquartered in Minneapolis. This merger led to the combined entity operating under the well-recognized Wells Fargo name.
1998: Wells Fargo Merges with Norwest Corporation
In 1998, Wells Fargo merged with Minneapolis-based Norwest Corporation. The combined company adopted the Wells Fargo name and relocated its headquarters to San Francisco.
2001: Acquisition of H.D. Vest Financial Services
In 2001, Wells Fargo acquired H.D. Vest Financial Services for $128 million. The company would later be sold in 2015 for $580 million.
2004: Start of Period for Wachovia's Money Laundering Oversight Failures
Wells Fargo acknowledged in a March 2010 agreement that Wachovia had failed to properly oversee and report suspected money laundering activities by drug traffickers, starting from 2004.
2005: Start of Period for Foreclosure Data Analysis
The analysis of properties in Baltimore facing foreclosure on Wells Fargo loans, as reported by The New York Times, covered the period from 2005 to 2008.
2007: Sale of Risky Mortgage-Backed Securities
In 2007, Wells Fargo sold mortgage-backed securities that were later deemed risky by the SEC. This event led to an SEC investigation and a settlement in 2012.
2007: End of Period for Wachovia's Money Laundering Oversight Failures
The period during which Wachovia failed to effectively monitor and report suspected money laundering activities by drug traffickers, as acknowledged by Wells Fargo in March 2010, concluded in 2007.
2007: Acquisitions of Greater Bay Bancorp, Placer Sierra Bank, and CIT Group's Construction Unit
Wells Fargo completed several acquisitions in 2007, including Greater Bay Bancorp, Placer Sierra Bank, and CIT Group's construction unit.
October 3, 2008: Wells Fargo Agrees to Acquire Wachovia
Wells Fargo entered into an agreement to acquire Wachovia for approximately $14.8 billion in stock on October 3, 2008, after Wachovia declined a less favorable offer from Citigroup.
October 5, 2008: Temporary Injunction Against Wachovia Acquisition Overturned
A New York state judge issued a temporary injunction to halt the Wells Fargo-Wachovia deal while a competing bid from Citigroup was reviewed. However, the injunction was overturned by the New York state appeals court late in the evening on October 5, 2008. Although Citigroup and Wells Fargo attempted to negotiate a resolution, talks were unsuccessful, and Citigroup ultimately sought $60 billion in damages from Wachovia, alleging a breach of an exclusivity agreement.
October 2008: Wells Fargo Receives $25 Billion in TARP Funds
On October 28, 2008, Wells Fargo received $25 Billion through the Emergency Economic Stabilization Act in the form of preferred stock purchased by the US Department of the Treasury.
October 28, 2008: Wells Fargo Receives $25 Billion in TARP Funds
Wells Fargo received $25 billion in government support through the Troubled Asset Relief Program (TARP) on October 28, 2008. The funds were provided by the US Department of the Treasury in exchange for preferred stock.
2008: Start of Lobbying Spending and Criticism
In 2008, Wells Fargo began a period of increased lobbying spending, which would later draw criticism from Public Campaign in December 2011. The criticism centered around the bank's actions during the Great Recession, including increased executive pay and worker layoffs.
2008: End of Period for Foreclosure Data Analysis
The examination of foreclosure data in Baltimore related to Wells Fargo loans, as cited in The New York Times report, concluded in 2008.
2008: Wells Fargo Acquires Wachovia
Wells Fargo acquired Charlotte-based Wachovia in 2008, expanding its reach from coast to coast and solidifying its position as a major national bank.
April 2009: Acquisition of North Coast Surety Insurance Services
Wells Fargo further diversified its offerings by acquiring North Coast Surety Insurance Services in April 2009.
May 2009: Wells Fargo Raises Capital
To meet regulatory requirements following government stress tests, Wells Fargo successfully raised $8.6 billion in capital in May 2009.
July 31, 2009: Lawsuit Alleging Discriminatory Lending Practices
Illinois Attorney General Lisa Madigan initiated a lawsuit against Wells Fargo on July 31, 2009, claiming the bank directed African Americans and Hispanics towards expensive subprime loans.
December 23, 2009: Wells Fargo Repays TARP Funds
Demonstrating its recovery from the financial crisis, Wells Fargo redeemed the $25 billion in preferred stock issued to the US Department of the Treasury on December 23, 2009. The company also paid $131.9 million in accrued dividends, bringing the total dividend payments to $1.441 billion since receiving the TARP funds in October 2008.
March 2010: Wells Fargo Acknowledges Wachovia's Money Laundering Oversight Failures
In March 2010, Wells Fargo reached an agreement with U.S. federal prosecutors, admitting that Wachovia, which it had acquired, had neglected to adequately monitor and report potential money laundering activities by drug traffickers between 2004 and 2007.
August 2010: Fine for Overdraft Practices
In August 2010, Wells Fargo received a fine from a United States district court judge, William Alsup, due to its overdraft practices, which were deemed as exploitative towards consumers.
2010: End of Lobbying Spending Period
In 2010, Wells Fargo concluded a period of significant lobbying spending that had begun in 2008. This spending, along with other actions taken by the bank during the Great Recession, later drew criticism from Public Campaign.
2010: Sale of Trust Company Operation in the Cayman Islands
In 2010, Wells Fargo sold its trust company operation in the Cayman Islands to hedge fund administrator Citco.
2010: Year of the United States Foreclosure Crisis
The National Mortgage Settlement (NMS), agreed upon on February 9, 2012, addressed improper foreclosure practices that occurred during the 2010 United States foreclosure crisis.
December 2011: Criticism from Public Campaign for Lobbying and Executive Pay
In December 2011, Public Campaign criticized Wells Fargo for spending $11 million on lobbying efforts between 2008 and 2010 while increasing executive pay, laying off workers, and avoiding federal tax liability due to losses from the Great Recession.
2011: Hiring of Investment Bankers from Citadel LLC
Bolstering its investment banking division, Wells Fargo hired 25 investment bankers from Citadel LLC in 2011.
February 9, 2012: National Mortgage Settlement
On February 9, 2012, Wells Fargo and four other major mortgage servicers reached the National Mortgage Settlement (NMS) with the U.S. Federal Government and 49 states. This settlement addressed improper foreclosure practices during the 2010 United States foreclosure crisis, such as "robo-signing" and foreclosures without proper authority.
March 2012: Investment in GEO Group
By March 2012, Wells Fargo had grown its investment in GEO Group, a private prison company, to over 4.4 million shares worth $86.7 million.
April 5, 2012: Fine for Mortgage Service Misconduct
A federal judge ruled on April 5, 2012, that Wells Fargo must pay $3.1 million in punitive damages for mortgage service misconduct related to a single loan. The bank was found to have incorrectly charged a New Orleans homeowner, Michael Jones, $24,000 in mortgage fees due to misallocation of payments.
April 2012: Acquisition of Merlin Securities
Wells Fargo expanded its presence in the prime brokerage sector with the acquisition of Merlin Securities in April 2012.
August 14, 2012: SEC Settlement for Risky Mortgage-Backed Securities
On August 14, 2012, Wells Fargo agreed to pay $6.5 million to settle charges by the U.S. Securities and Exchange Commission (SEC) related to the sale of risky mortgage-backed securities in 2007. The SEC alleged that Wells Fargo did not fully comprehend the risks associated with these securities.
October 2012: Lawsuit over Questionable Mortgage Deals
In October 2012, United States Attorney Preet Bharara filed a lawsuit against Wells Fargo over its involvement in questionable mortgage deals.
November 2012: Divestment from GEO Group
In November 2012, Wells Fargo divested 33% of its holdings in GEO Group, reducing its stake to 4.98% of the company's common stock. This move lowered its stake below the threshold requiring disclosure of further transactions.
December 2012: Start of Loans and Banking Services for Firearms Companies and NRA
From December 2012, Wells Fargo reportedly began providing loans and banking services to major firearms and ammunition companies, including the National Rifle Association (NRA).
December 2012: Rebranding of Merlin Securities and Acquisition of Stake in The Rock Creek Group LP
Merlin Securities was rebranded as Wells Fargo Prime Services in December 2012. That same month, Wells Fargo acquired a 35% stake in The Rock Creek Group LP, increasing its ownership to 65% in 2014 before selling it back to management in July 2018.
April 2013: Settlement Over Inflated Insurance Premiums
In April 2013, Wells Fargo reached a settlement with 24,000 Florida homeowners and QBE Insurance regarding allegations that the bank inflated premiums on forced-place insurance.
May 2013: Lawsuit over Alleged National Mortgage Settlement Violations
New York Attorney General Eric Schneiderman filed a lawsuit against Wells Fargo in May 2013, alleging that the bank had violated the terms of the national mortgage settlement by failing to provide fair and timely mortgage servicing.
May 2013: Settlement for Excessive Overdraft Fees
Wells Fargo paid $203 million in May 2013 to settle a class-action lawsuit that accused the bank of charging excessive overdraft fees to its checking account customers.
2013: Upholding of Fine for Mortgage Service Misconduct
The $3.1 million fine imposed on Wells Fargo in 2012 for mortgage service misconduct, stemming from improper charges to a homeowner, was upheld upon appeal in 2013.
2013: Payment of Income Taxes
Wells Fargo paid $9.1 billion in income taxes in 2013, contrasting with its lack of federal tax liability in previous years due to losses from the Great Recession.
October 2014: Wells Fargo Employee Calls for Wage Increase
In October 2014, a Wells Fargo employee earning $15 per hour sent an email to the CEO, copying 200,000 colleagues, requesting a $10,000 annual raise for all employees. The employee proposed funding this raise by allocating a portion of the company's annual profits to address wage stagnation and income inequality. Wells Fargo responded by stating that all employees received "market competitive" pay and benefits that significantly exceeded US federal minimums.
2014: Increased Stake in The Rock Creek Group LP
Wells Fargo increased its stake in The Rock Creek Group LP to 65% in 2014.
January 2015: Robbery at Wells Fargo History Museum
In January 2015, the Wells Fargo History Museum experienced a robbery where individuals in an SUV crashed through the museum's entrance and stole gold nuggets.
February 2015: Settlement for Illegal Interest in Borrowers' Homes
In February 2015, Wells Fargo agreed to a $4 million settlement, which included a $2 million penalty and $2 million in restitution, for illegally taking an interest in borrowers' homes. The bank was accused of taking this action in exchange for opening credit card accounts for the homeowners.
May 2015: Settlement Over Insider Information Allegations
In May 2015, Wells Fargo stock analyst Gregory T. Bolan Jr. agreed to pay $75,000 to settle SEC allegations of providing insider information on probable ratings changes to stock trader Joseph C. Ruggieri. Ruggieri was not charged with any crimes.
2015: Court Ruling in Favor of Wells Fargo
In 2015, a judge ruled in favor of Wells Fargo in the lawsuit brought against the bank by New York Attorney General Eric Schneiderman in 2013.
2015: Expansion in Rail and Equipment Financing
Wells Fargo Rail acquired GE Capital Rail Services, merging it with First Union Rail, in 2015. Later that year, Wells Fargo acquired three GE units specializing in business loan equipment financing, further expanding its presence in these sectors.
2015: Sale of H.D. Vest Financial Services
Wells Fargo sold H.D. Vest Financial Services in 2015 for $580 million, after acquiring it in 2001 for $128 million.
July 2016: Retirement of Carrie Tolstedt
Carrie Tolstedt, head of the department at the center of the unauthorized account opening scandal, retired from Wells Fargo in July 2016. She received a retirement package worth $124.6 million in stock, options, and restricted Wells Fargo shares.
September 2016: Fines for Unauthorized Account Openings
In September 2016, Wells Fargo received $185 million in fines for opening over 1.5 million checking and savings accounts and 500,000 credit cards without customers' consent. This scandal, attributed to an incentive-compensation program, led to the firing of thousands of employees and a drop in the bank's reputation.
October 12, 2016: Retirement of John Stumpf and Appointment of Timothy J. Sloan
On October 12, 2016, John Stumpf, then chairman and CEO of Wells Fargo, announced his retirement amid ongoing scandals. Timothy J. Sloan, the president and COO, took over as CEO. The scandals negatively impacted the bank, leading to a decline in applications, loss of accreditation, and severed business relationships.
November 2016: Settlement for Overcharging Homeowners on Appraisals
In November 2016, Wells Fargo agreed to a $50 million settlement for allegedly overcharging hundreds of thousands of homeowners on appraisal fees after they defaulted on their mortgage loans.
December 2016: Fine for Electronic Document Storage Violations
The Financial Industry Regulatory Authority (FINRA) fined Wells Fargo $5.5 million in December 2016 for violating regulations related to the storage of electronic documents. The bank failed to store these documents in a format that prevented alteration or destruction after creation.
2016: Settlement for Violating the False Claims Act
In 2016, Wells Fargo reached a $1.2 billion settlement for allegations of violating the False Claims Act. The company was accused of underwriting over 100,000 Federal Housing Administration (FHA) backed loans where more than half of the applicants didn't meet the program's requirements.
February 2017: Divestment by Seattle and Davis over Dakota Access Pipeline and Account Scandal
In February 2017, the city councils of Seattle, Washington, and Davis, California, voted to divest $3 billion in deposits from Wells Fargo due to the bank's financing of the Dakota Access Pipeline and the account fraud scandal.
March 2017: Introduction of Smartphone-Based Transactions
In March 2017, Wells Fargo announced plans to introduce smartphone-based transactions through mobile wallets, including Wells Fargo Wallet, Android Pay, and Samsung Pay. This move reflected the increasing importance of mobile technology in financial services.
April 2017: Wells Fargo Board Report on Account Opening Scandal
In April 2017, the Wells Fargo board of directors released a report on the account opening scandal, primarily blaming former CEO John Stumpf and former executive Carrie Tolstedt. The board used a clawback clause to recover $75 million in cash and stock from Stumpf and Tolstedt.
February 2, 2018: Federal Reserve Sanction
On February 2, 2018, the Federal Reserve barred Wells Fargo from expanding its asset base until the company addressed its internal problems related to the account fraud scandal.
February 2018: End of Loan Period for Firearms Companies
By February 2018, Wells Fargo had reportedly provided $431.1 million in loans to two major firearms and ammunition companies, in addition to handling banking for the NRA.
April 2018: Department of Labor Investigates Wells Fargo's Retirement Plans
In April 2018, the United States Department of Labor initiated an investigation into allegations that Wells Fargo was steering customers towards more expensive retirement plans, particularly those managed by Wells Fargo itself.
May 2018: Wells Fargo Uncovers Document Alteration in Business Banking Group
In May 2018, Wells Fargo discovered that its business banking group had engaged in the improper alteration of documents related to business clients during 2017 and early 2018.
June 2018: Meeting of 12
In June 2018, a group of female executives from Wells Fargo's wealth management division, known as the "Meeting of 12," convened to address the underrepresentation of women in senior roles within the company.
July 2018: Sale of Stake in The Rock Creek Group LP
Wells Fargo sold its stake in The Rock Creek Group LP back to the firm's management in July 2018.
September 2018: Announcement of Job Cuts
In September 2018, Wells Fargo announced plans to cut 26,450 jobs by 2020. This decision was part of a larger effort to reduce costs by $4 billion.
March 2019: CEO Resignation and Appointment of Interim CEO
Amidst ongoing scrutiny and fallout from the Wells Fargo account fraud scandal, CEO Tim Sloan resigned in March 2019. Former general counsel C. Allen Parker assumed the role of interim CEO.
June 10, 2019: Wells Fargo Settles Auto-Loan Insurance Lawsuit
On June 10, 2019, Wells Fargo reached a $385 million settlement in a lawsuit alleging that the bank had defrauded millions of auto loan customers by forcing them to purchase unnecessary insurance from National General Insurance.
July 2019: Sale of Institutional Retirement & Trust Business
Wells Fargo sold its Institutional Retirement & Trust business to Principal Financial Group in July 2019, marking a strategic divestiture.
September 27, 2019: Charles Scharf Named New CEO
Wells Fargo appointed Charles Scharf as its new CEO on September 27, 2019, signaling a change in leadership as the company continued to address its challenges and move forward.
2019: Baseline Year for Emissions Reduction
Wells Fargo's emissions reduction target of 26% by 2030 is measured against a baseline of the company's 2019 emissions levels.
February 2020: $3 Billion Settlement and Asset Cap
In February 2020, Wells Fargo agreed to a $3 billion settlement with the Department of Justice and SEC over the account opening scandal. The Federal Reserve placed an asset cap on the bank, leading Wells Fargo to sell $100 million in assets to comply.
August 2020: Settlement for Racial Discrimination in Hiring
In August 2020, Wells Fargo agreed to pay $7.8 million in back wages to settle allegations of racial discrimination against 34,193 African American applicants for various positions. The company also committed to providing jobs to 580 of the affected individuals.
August 28, 2020: Wells Fargo Fined for Inadequate Supervision of Representatives
On August 28, 2020, Wells Fargo agreed to pay a $350,000 fine and $10 million in restitution to customers. This settlement stemmed from accusations by the Financial Industry Regulatory Authority (FINRA) that the bank had failed to properly oversee two registered representatives who had inappropriately advised clients to invest a significant portion of their assets in high-risk energy securities in 2014 and 2015.
2020: Job Cuts to Reduce Costs
By 2020, Wells Fargo planned to cut 26,450 jobs as part of an initiative announced in September 2018 to reduce costs by $4 billion.
2020: Winding Down Business with the NRA
In 2020, Wells Fargo announced its decision to wind down its business relationship with the National Rifle Association (NRA). This decision came after years of providing loans and banking services to the organization and other firearms companies.
2020: Year of Disproportionate Mortgage Application Rejections
In 2020, Wells Fargo demonstrated a disparity in rejecting more home refinance applications from Black applicants than it approved, as reported by Bloomberg L.P. in March 2022.
2020: Sale of Student Loan Portfolio
Wells Fargo divested its student loan portfolio in 2020, a strategic move reflecting changing market dynamics and priorities.
December 31, 2020: Assets Under Management for Wells Fargo Asset Management
As of December 31, 2020, Wells Fargo Asset Management (WFAM) had $603 billion in assets under management, with 33% invested in money market funds.
May 2021: Sale of Canadian Direct Equipment Finance business
In May 2021, Wells Fargo sold its Canadian Direct Equipment Finance business to Toronto-Dominion Bank.
September 2021: Fines for Fraudulent Foreign Exchange Practices
In September 2021, the United States Justice Department imposed fines on Wells Fargo for engaging in fraudulent behavior against customers in foreign-exchange currency trading.
2021: Sale of Wells Fargo Asset Management
In 2021, Wells Fargo sold its asset management division, Wells Fargo Asset Management (WFAM), to private equity firms GTCR and Reverence Capital Partners for $2.1 billion. WFAM was then rebranded as Allspring Global Investments.
March 2, 2022: Wells Fargo Donates $1 Million to Support Ukrainian Refugees
On March 2, 2022, Wells Fargo demonstrated its support for Ukrainian refugees fleeing the Russian invasion by announcing a $1 million donation to the American Red Cross. This contribution aimed to provide humanitarian assistance to those displaced by the conflict.
March 2022: Report on Racial Disparity in Mortgage Refinancing
A Bloomberg L.P. report in March 2022 revealed that Wells Fargo was the sole major lender in 2020 to reject a higher proportion of home refinance applications from Black applicants compared to approvals.
April 2022: Wells Fargo Pledges $210 Million to Promote Racial Equity in Homeownership
In April 2022, the Wells Fargo Foundation announced a significant pledge of $210 million dedicated to advancing racial equity in homeownership. As part of this commitment, $60 million was designated for Wealth Opportunities Restored through Homeownership (WORTH) grants, set to run until 2025. An additional $150 million was allocated to lower mortgage rates and reduce refinancing costs, aiming to assist minority homeowners.
December 2022: $3.7 Billion Settlement with CFPB
In December 2022, Wells Fargo agreed to a $3.7 billion settlement with the CFPB for abuses related to the fake account scandal, mortgages, and auto loans. The settlement included a $1.7 billion civil penalty and $2 billion for affected customers.
December 2022: Loan-Management Fine
In December 2022, Wells Fargo faced a $3.7 billion fine from the U.S. government due to loan-management issues.
2022: Announcement of Emissions Reduction Goal
In 2022, Wells Fargo announced a goal to reduce absolute emissions by companies it lends to in the oil and gas sector by 26% by 2030 from 2019 levels.
2022: Wells Fargo Ordered to Pay $160 Million for Freezing Customer Accounts
In 2022, the Consumer Financial Protection Bureau (CFPB) directed Wells Fargo to pay $160 million in compensation to over a million individuals. This action addressed the substantial harm inflicted by the bank's practice of freezing and closing consumer deposit accounts based on automated fraud detection between 2011 and 2016. The CFPB found that Wells Fargo's approach was overly aggressive, often freezing entire accounts rather than just the suspicious amounts, resulting in customers losing access to their funds.
March 2023: Technical Glitch Affects Account Balances
Wells Fargo attributed misrepresented customer account balances, often inaccurately showing negative balances, to a technical error in March 2023.
April 2023: Wells Fargo and TD Jakes Group Partner for Inclusive Communities
In April 2023, Wells Fargo and TD Jakes Group established a formal 10-year partnership aimed at fostering inclusive communities accessible to individuals across all income levels. As part of this collaboration, Wells Fargo committed approximately $1 billion to support projects aligned with this overarching objective. One of the initial projects focused on developing mixed-income housing and retail facilities in the vicinity of Atlanta, Georgia.
May 2023: $1 Billion Settlement for Shareholder Class Action
In May 2023, Wells Fargo agreed to pay $1 billion to settle a shareholder class-action lawsuit related to the fake account scandal and other issues.
December 2023: Wells Fargo Appoints Darlene Goins as Head of Philanthropy
In December 2023, Wells Fargo appointed Darlene Goins as president of the Wells Fargo Foundation and Head of Philanthropy and Community Impact. In her previous roles at FICO, a prominent data and analytics company, and at Wells Fargo, Goins had demonstrated a strong commitment to assisting low-income communities. Notably, she spearheaded the Banking Inclusion Initiative, a decade-long endeavor aimed at expanding access to affordable basic banking services and financial education for underserved populations.
2030: Target Date for Emissions Reduction
Wells Fargo aims to achieve a 26% reduction in absolute emissions from its oil and gas sector lending portfolio by 2030, based on 2019 levels.
2050: Commitment to Net Zero Financed Emissions
Wells Fargo has committed to achieving net zero financed emissions by 2050.
