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Created before Nov 2016
Last update: 2016-10-18 10:46:54
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Wells Fargo is one of the big banks in the United States, located in San Fransisco. In october 2008, Wells Fargo acquired the troubled bank Wachovia, at that moment the sixth biggest bank in the US. With the take-over of Wachovia, Wells Fargo became an even larger player at the American financial market.
The bank calls itself the World's safest US Bank' because it received an AAA+ rating from Moody's and Standard & Poor's.
420 Montgomery Street
CA 94104 San Francisco
Timothy J. Sloan |
Chairman & CEO
|Annual report||Annual Report 2016|
listed on NYSE Euronext
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Voluntary initiativesWells Fargo has committed itself to the following voluntary standards:
Wells Fargo and the Equator Principles
The Equator Principles are a voluntary commitment of banks to try to avoid or minimise the social, environmental and human rights impact of projects they finance. For more information on the Equator Principles see their website here and the campaign page of BankTrack here.
The Equator Principles exist already since 2003. Wells Fargo adopted the Equator Principles in 2005.
Reporting on the Equator Principles
Wells Fargo must report annually on its implementation of the Equator Principles. All information is supposed to be found here.
Wells Fargo is involved in financing the following Equator Principles projects that BankTrack considers controversial.
True leader Front runner Follower Laggard
BankTrack has assessed Wells Fargo on its implementation of the UN Guiding Principles on Business and Human Rights in June 2016. Wells Fargo is assessed as a Follower, with a total score of 5/12.
Implementation and reporting
Wells Fargo is reporting on the implementation here.
Contact and complaints
Equator Principles Dodgy Deals
Wall Street turns its back on Mountaintop Removal coal mining
After sustained campaigning by RAN, eight of Wall Street's biggest banks have developed public policies limiting their appetite for investment in mountaintop removal (MTR) coal mining. By 2011, MTR policies or statements had been released by banks including Credit Suisse, JP Morgan Chase, Morgan Stanley and Wells Fargo, PNC bank and UBS. The policies were assessed by RAN in the 2011 MTR report card. RAN and others continue to scrutinize implementation of these policies.