CSR Article 3
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This 4 page Class Notes was uploaded by Varsha Mandiga on Tuesday June 14, 2016. The Class Notes belongs to BUSA 2106 at Georgia State University taught by Grelecki in Spring 2016. Since its upload, it has received 12 views.
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Date Created: 06/14/16
Mandiga 1 Varsha Mandiga Professor Grelecki BUSA 2106 April 21 , 2016 CORPORATE SOCIAL RESPONSIBILITY ARTICLE 3 REVIEW Wells Fargo & Company a diversified, communitybased financial services company with $1.8 trillion in assets, announced on April 21st, 2016 that their FiveYear Corporate Social Responsibility goals and strategies. Wells Fargo’s fiveyear plan tends to address the present global economic, social and environmental challenges that they plan to change. Some of their goals also include lending to small businesses, loan money for homes, operational efficiency, helping with community investment, and also, corporate philanthropy throughout 2020. Wells Fargo’s strategy that was unveiled in their Wells Fargo’s 2015 corporate social responsibility report explain three top priorities, ‘The demographic and cultural shifts taking place in society; The financial needs of underserved individuals and communities; and, The impacts of climate change and natural resource constraints on communities and customers.’ (csrwire.com) In the conference, Wells Fargo’s Chairman and CEO, John Stumpf, also stated their reason to do so, “To continue to succeed as a global bank, Wells Fargo must help address these social, economic, and environmental challenges and strengthen the communities in which we operate for current and future generations,” and he also said, “Our efforts to integrate corporate social responsibility strategies across all aspects of our business, products, and culture position us to have a positive and critical impact on people, industries, and the broader global economy when and where it Mandiga 2 matters most.” (csrwire.com) Wells Fargo’s new strategy helps the company in the long run to serve their customers and community better. The new 2020 corporate social responsibility goals include the idea to donate $100 million for social needs. Some examples of this are, developing women and fighting for gender equality, raising social inclusion through education, and creating diverse leaders for the future. Wells Fargo plans on investing in the new technology that is coming up and innovative solutions that address the values, preferences, and values of their diverse customers. Wells Fargo’s 2020 economic commitment focuses on ‘strengthening individual financial knowledge and improving economic opportunities in underserved communities through products, services, and financial tools.’ (csrwire.com) The new 2020 corporate social responsibility goals include the idea to provide $500 million to critical economic needs. For example, affordable housing or financial education. Wells Fargo plans to extend $70 billion in mortgage originations for below average average income households through correspondent networks and retail and also, $150 billion in mortgage originations for those who are considered to be minority families. Another goal of Wells Fargo new 2020 corporate social responsibility is to enhance their operational efficiency as well as advance their technology and find environmental solutions through financing and philanthropy. The new 2020 corporate social responsibility goals include the idea to provide $65 million in philanthropic, by giving the money to critical environmental that needs such as clean technology, and clear environmental education. Jon Campbell, head of Government and Community Relations for Wells Fargo said that “Our strategy is focused on three priorities that we believe offer the greatest value to our business and society: diversity and social inclusion, Mandiga 3 economic empowerment, and environmental sustainability,” and “We’re great believers in setting goals. They play a critical role in helping us advance our CSR priorities across our business and geographies, and enable us to report on our progress in a more concrete and transparent manner.” (csrwire.com) Wells Fargo was always known for their significant achievements in Corporate Social Responsibility. Wells Fargo has progressed Corporate Social Responsibility. In many of their areas and plan to develop on through 2020. Mandiga 4 SOURCE: http://www.csrwire.com/press_releases/38895WellsFargoUnveilsFiveYear CorporateSocialResponsibilityGoals
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