Wells Fargo Announces $50 Million Grant to NAACP
SAN FRANCISCO--(BUSINESS WIRE)-- Today, Wells Fargo announced a $50 million grant to support the nation's largest civil rights and social justice organization in its continued efforts to advance racial equity in America.
Wells Fargo's grant will both strengthen the NAACP's local units and support the organization's plans to develop a new national headquarters. The grant will assist NAACP local units and branches across America by increasing essential staff to implement and sustain meaningful programming and will support their work to grow strategic partnerships with key businesses in communities across the country. In addition, at the national level, the grant will support the NAACP's work on policy solutions used to address the needs of the communities it serves.
"We're grateful to Wells Fargo for their donation, the single largest donation the NAACP has ever received from a corporation. These funds will go directly toward strengthening the NAACP's grassroots network of local units and branches across all 50 states, as well as the work of the national NAACP," said NAACP President and CEO Derrick Johnson. "All corporations play a critical role in our democracy. They must be engaged as allies in the fight to end discrimination — in our economy, in our justice system, across our society, and within their own services."
Wells Fargo CEO Charlie Scharf said the company is pleased to support the NAACP in creating a more equitable nation and in providing better access to economic opportunities for Black Americans.
"Key to our shared goal to advance equity and economic opportunities for Black Americans is the work the NAACP local units and branches do to support communities on a highly local basis," Scharf said. "We value our longstanding relationship with the NAACP, and this grant is meant to strengthen the work we already do together to close economic gaps that have existed for far too long in our country."
The relationship between the NAACP and Wells Fargo spans more than 20 years. Since 1998, Wells Fargo's support of the NAACP has included the funding of the Financial Freedom Center, financial health programs, and homeownership/home preservation programs. Wells Fargo has also sponsored key NAACP events, such as the Women in NAACP Empowerment Brunch, the NAACP Image Awards, and the NAACP National Convention.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 41 on Fortune's 2022 rankings of America's largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy.
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The NAACP advocates, agitates, and litigates for the civil rights due to Black America. Our legacy is built on the foundation of grassroots activism by the biggest civil rights pioneers of the 20th century and is sustained by 21st century activists. From classrooms and courtrooms to city halls and Congress, our network of members across the country works to secure the social and political power that will end race-based discrimination. That work is rooted in racial equity, civic engagement, and supportive policies and institutions for all marginalized people. We are committed to a world without racism where Black people enjoy equitable opportunities in thriving communities.
NOTE: The Legal Defense Fund – also referred to as the NAACP-LDF - was founded in 1940 as a part of the NAACP, but now operates as a completely separate entity.
News Release Category: WF-DI