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Last update: 2023-01-03 13:59:57

Active

This profile is actively maintained

Last update: 2023-01-03 13:59:57

About

Website	http://www.wellsfargo.com/
Headquarters	420 Montgomery Street CA 94104 San Francisco United States
CEO/chair	Charles W. Scharf CEO and President
Supervisor	Federal Reserve
Ownership	listed on NYSE Wells Fargo's complete shareholder structure can be accessed here.

Wells Fargo is a US financial services company which was founded in 1852. The Bank is headquartered in San Francisco. Wells Fargo serves more than 70 million customers and has offices in 32 countries. The financial institution provides banking, investment, mortgage products and services, and consumer and commercial finance.

Sustainability

Commitments

Policies

Voluntary standards

Wells Fargo's most important sustainability commitments can be found at the website sections listed below.

Links

Corporate responsibility

Human rights statement

Bank policy

2022-09-06 00:00:00 | Wells Fargo

Modern Slavery Statement

Bank policy

2022-08-29 00:00:00 | Wells Fargo

Environmental and Social Impact Management Framework

Bank policy

2022-08-18 00:00:00 | Wells Fargo

2030 targets for oil & gas and power sectors

Bank policy

2022-05-04 00:00:00 | Wells Fargo

Code of Ethics and Business Conduct

Bank policy

2021-04-30 00:00:00 | Wells Fargo

Indigenous Peoples Statement

Bank policy

2020-07-15 00:00:00 | Wells Fargo

Supplier Code of Conduct

Bank policy

2016-07-27 00:00:00 | Wells Fargo

Wells Fargo has committed itself to the following voluntary standards:

Business for Social ResponsibilityTags: corporate social responsibility

Carbon Disclosure ProjectTags: carbon | climate change | greenhouse gas emissions

Carbon PrinciplesTags: carbon | climate change | greenhouse gas emissions

Equator PrinciplesTags: Equator Principles | project finance | corporate social responsibility | sustainable development

Global Reporting InitiativeTags: sustainable development | human rights

Net-Zero Banking Alliance (NZBA)Tags: climate change | corporate social responsibility | energy | energy plants

Taskforce on Nature-related Financial Disclosures (TNFD)Tags: corporate social responsibility | finance

UNEP Finance InitiativeTags: United Nations | sustainable development

Dodgy Deals

Wells Fargo is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of Wells Fargo's link to these deals.

Projects / Companies

Finance type

Year

Campaigns

Banks and Climate

The 2022 Banking on Climate Chaos report showed that Wells Fargo provided US$ 271.82 Billion in financing to the fossil fuel industry between 2016 and 2021. Find further details on Wells Fargo fossil fuel portfolio and how it compares to other large banks globally on Fossil Banks No Thanks and in the Banking on Climate Chaos report.

Banks and Human Rights

BankTrack assessed Wells Fargo in its 2022 Global Human Rights Benchmark, where it achieved 5.5 points out of 14 and was ranked as a follower. In addition, Wells Fargo scored 0 out of 3 on how it responds to alleged human rights violations linked to its finance, which were raised by civil society organisations. More information is detailed in the "Accountability" section of this profile.

BankLast update

Country

Score

Ranking

Details

Wells Fargo

USA

5.5

Follower

Explanation

Laggard

Follower

Front runner

Leader

0 - 3 points

3.5 - 6.5 points

7 - 10 points

10.5 - 14 points

For more details see this page.

Tracking the Net Zero Banking Alliance

Wells Fargo is a member of the Net Zero Banking Alliance (NZBA) and has therefore committed to reduce its financed emissions to net zero by 2050; within 18 months of joining the alliance set interim targets for 2030 (or sooner) for high emission priority sectors, and within 36 months set further sector targets; set new intermediary targets every 5 years from 2030 onwards; annually publish data on emissions and progress against a transition strategy including climate-related sectoral policies; and take a robust approach to the role of offsets in transition plans. BankTrack track's implementation of these commitments in the NZBA compliance tracker.

News

BankTrack

Partners

Blog

External

Active

Active

Links

Corporate responsibility

Human rights statement

Modern Slavery Statement

Environmental and Social Impact Management Framework

2030 targets for oil & gas and power sectors

Code of Ethics and Business Conduct

Indigenous Peoples Statement

Supplier Code of Conduct

Banks and Climate

Banks and Human Rights

Global Human Rights Benchmark 2022

Tracking the Net Zero Banking Alliance

European banks have a dirty climate secret – but a new initiative could make them come clean

Bank of America, Citigroup, and Wells Fargo shareholders vote on proposals urging progress on climate & Indigenous rights

Wall Street’s biggest banks failing key ESG test in fresh study

New report: Canadian bank RBC the #1 financier of fossil fuels, world’s biggest banks continued to pour billions into fossil fuel expansion

Global banks pledged to cut emissions – but still invest billions in US gas exports

Climate resolutions on tap for bank shareholder season

Who dares to finance Eni and Exxon’s dangerous Rovuma gas plans in Mozambique?

These ‘Net-Zero’ Banks Are Still Pretty Big on Big Oil

Throwing fuel on the fire: GFANZ members provide billions in finance for fossil fuel expansion

JPMorgan announces new climate targets covering aviation, cement

Right-wing attack on sustainable finance is the latest form of climate denial

New human rights assessment of banks shows slow progress and lack of action to address key gaps on reporting and remedy

These U.S. banks are financing climate chaos through fossil fuel expansion

JPMorgan Chase and 5 other U.S. megabanks behind one-third of global funding to expand coal, oil and gas

Leaders or laggards? Report analyzes net-zero pledges of US banks

US banks: Financing coal expension, ignoring climate emergency

Jackdaw shows once again Shell is failing on climate. So why are its bankers failing to act?

Banks have arranged US$2.7 trillion in bonds for fossil fuel companies

As peak hurricane season looms, banks bolster cozy relationship with fossil fuel industry

What’s next in the growing movement to push banks on climate action?

New Report: Financing a Fossil Future – Tracing the Money Pipeline of Fossil Gas in Southeast Asia

Climate groups call on Shell’s bankers to stop Jackdaw gas field

Seven financiers abandon TotalEnergies' EACOP pipeline in a week

Marsh revealed in oil pipeline project shunned by leading banks and insurers

This shareholder season, big banks are feeling the heat on climate

Opinion: Bank needs to put money where mouth is on climate change

Gulf Coast communities fighting the massive buildout of fracked gas exports

Investors ask banks to rethink funding fossil fuel projects, including Line 3

New report: Despite ‘net zero’ rhetoric, world’s biggest banks continued to pour billions into fossil fuel expansion in 2021

Largest U.S. banks to face shareholder votes on climate change

Wells Fargo's Human Rights Impact Assessment Leaves Shareholders Dissatisfied

Top U.S. institutions are financing Russia war chest

Banks failing to address severe human rights impacts transparently, finds BankTrack research

New Report: US banks and investors responsible for roughly the emissions of Russia

Meet the banks funding the owners of the Cambo oil field

Equator Banks involved in financing at least 200 fossil fuel projects since Paris

Wells Fargo joins Net-Zero Banking Alliance with no plan for phasing out fossil fuel finance

Stop the Money Pipeline launches Customers for Climate Justice

Fossil Banks No Thanks demands banks commit to end fossil fuel finance before Glasgow Climate Summit

Climate change could cause the next great recession, the Biden administration can prevent it

New bank links to Myanmar junta and atrocities found

Formosa’s new St. James project is the real pest

Dear bank CEO, you are cordially invited to defund this pipeline

Nine international banks invest over US$24 billion in companies linked to Myanmar regime and atrocities

စစ်ကောင်စီနဲ့ဆက်စပ်တဲ့ ကုမ္ပဏီ ၁၈ ခုမှာ နိုင်ငံတကာဘဏ် ၉ ခု ပါဝင်ပတ်သက်နေ

NEW: Wells Fargo top shareholders maintain status quo, fail to act on climate

Climate Chaos: NGOs Name Top Banks Who Put $3.8 Trillion Into Fossil Fuels

Banking on Climate Chaos 2021: World’s 60 largest banks have poured USD 3.8 trillion into fossil fuels since Paris Agreement

Kerry to Wall Street: Put your money behind your climate PR

Wells Fargo makes net zero commitment but does not rule out continued financing of fossil fuels

Big banks make a dangerous bet on the world’s growing demand for food

Bank lending to plastics industry faces scrutiny as pollution concerns mount

The battle to stop Line 3 is heating up on the ground and across the US

Equator Banks fail communities on consultation and grievance mechanisms, new study finds

Bankrolling Extinction: The top 10 banks financing biodiversity loss

Oil scions rally wealthy peers to press banks on climate

Fracking Fiasco: The banks that fueled the U.S. shale bust

New BankTrack Equator Principles reporting tracking tool launched

US banks are getting the message: Arctic drilling is bad business

Equator Principles requirements missing for most projects, finds new BankTrack study

Corporate Backers of the Blue: How Corporations Bankroll U.S. Police Foundations

Where Banks Don’t Lend

Major blow to Keystone XL pipeline as judge revokes key permit

Stop the Money Pipeline: Private banks owning oil companies is a recipe for disaster

Reckless Keystone XL decision by TC Energy endorsed by JPMorgan Chase, Citi and Canadian peers