2024
Diversity, Equity, andInclusion ReportColleagues, Customers, Communities

Published August 2024

About Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

AppendixContents

About Wells Fargo
459

Message from our CEO
About Wells Fargo
Diverse Segments, Representation,and Inclusion at Wells Fargo

Engaging colleagues
11 Creating opportunities for leaders
13 Attracting talent
15 Supporting colleagues within Wells Fargo

Serving customers
22
23
26
27

Engaging diverse segments
Serving consumers
Serving businesses and their owners
Providing access with the
Banking Inclusion Initiative

Supporting communities
29 Creating positive impact throughphilanthropy
30 Supporting small business growth
31 Opening pathways to financial health
32 Increasing access to affordable housing
and sustainable communities
33 Connecting with diverse suppliers
35 Investing in our diverse community
segments
37

Cautionary notes:
This document contains forward-looking statements about our future activities, plans, objectives,
expectations, and other future considerations. More information about factors that could cause actual
results to differ materially from our forward-looking statements is available in the Appendix, “Disclaimer
and forward-looking statements.” Data herein is as of December 31, 2023, unless otherwise indicated.

2

Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

Message from our
Head of DSRI
Appendix

40 Related resources
41 2023 DE&I data/metrics
42 Disclaimer and forward-looking
statementsAbout Wells Fargo

Engaging colleagues

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Supporting communities

About
Wells Fargo
4

Message from our CEO

5

About Wells Fargo

9

Diverse Segments, Representation, and Inclusion at Wells Fargo

3

Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

AppendixAbout Wells Fargo

Engaging colleagues

Serving customers

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Message from our CEO
I’m pleased to share Wells Fargo’s 2024 Diversity, Equity, and Inclusion Report.
As a company, we know that achieving enduring results in DE&I requires along-term commitment, and we are proud of the work we are doing to increase
diverse representation at Wells Fargo, to make our organization more inclusive,
and to better serve our customers and our communities.
This report covers each of these areas. It describes the work we are doing for our
employees to create a more diverse and inclusive company, the products andservices we offer to a broad and diverse set of customers, and the significant
investments we have made in our communities, through advancing homeownership,banking inclusion, financial literacy, and more.
I hope the initiatives highlighted in these pages underscore how focused we areon advancing our commitment to DE&I both inside our company and in thecommunities where we live and work.

Charles W. Scharf
CEO and President
Wells Fargo & Company

4Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

AppendixAbout Wells Fargo

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Appendix

About Wells Fargo
We’re a leading financial services company that proudly
serves consumers, small businesses, and middle market
and large companies.
We partner with our customers to
help them achieve their financial goals
and with our communities to makea positive impact.
We provide a diversified set ofbanking, investment, and mortgage
products and services, as well as
consumer and commercial finance,
through our four reportable operating
segments: Consumer Banking andLending, Commercial Banking,Corporate and Investment Banking,and Wealth & Investment Management.
Our business includes approximately$1.9 trillion in assets andapproximately 226,000 active
employees.
In the communities we serve, thecompany focuses its social impact
on helping to build a sustainable,
inclusive future for all by supporting
housing affordability, small businessgrowth, financial health, and a lowcarbon economy.

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Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

Our company Expectations establish
the highest standards of integrity
and operational excellence and guide
how we collaborate and execute asa team; embrace our differences;simplify and improve the work that
we deliver; and develop, recognize,
and inspire our employees to achieve
performance excellence. We celebrate
and hold employees accountable fordemonstrating behaviors in alignment
with these Expectations throughout
the year — the Expectations are acornerstone of our performance
management and recognition
programs.

Wells Fargo’s Expectations
1.

Embrace candor.

2.

Do what’s right.

3.

Be great at execution.

Wells Fargo’s Expectations

4.

Learn and grow.

At the foundation of Wells Fargo’s
culture is a set of core Expectations
that play a vital role in the strengthof our company and our ongoingcommitment to attracting, retaining,and developing the best people topropel our transformation journey.

5.

Champion diversity, equity,and inclusion.

6.

Build high-performing teams(for managers).

About Wells Fargo

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Appendix

Employee demographics
At Wells Fargo, we believe creating a diverse and inclusive workforce that brings diversity of perspective, thought, and insight to all levels of ourcompany is important for our success. We recognize and celebrate the unique strengths and talents of our colleagues who span five generations
and 22 countries. Meeting the increasingly diverse needs of our global customer base is critical for our company’s long-term growth and success,and having our colleagues reflect the communities we serve is a part of helping us succeed.

Global demographics¹

Board ofDirectors²

51%

49%

of ouremployees
are womenof ouremployees
are men
5-1% YoY % point change

YoY % point
5changeOperatingCommittee³
YoY % point
5change4

Executives

YoY % point
5changeWomen

38% 0%

27% +2%

41% -1%Men

62% 0%

73% -2%

59% +1%5+1% YoY % point change

1Unless otherwise noted, data is as of December 31, 2023 and includes all active Wells Fargo employees globally counted individually, including in the United States. Employee demographics are based on employee self-identification. Over 99% of employees have self-identified
gender globally. Gender metrics reflect people who are self-identified as either male or female in our enterprise management system. Fewer than 1,000 people have identified as nonbinary or have not self-identified.
2
Board of Directors data as of April 30, 2024. Board of Directors includes the CEO.
3
Operating Committee includes individual leaders who run the company’s major lines of business and enterprise functions. The CEO is not included in Operating Committee diversity.
4
Executives include employees in the three most senior job levels, including the Operating Committee.
5Year over year (YoY) percentage point change is calculated as the difference between the current value and the value one year prior.

6

Wells Fargo | 2024 Diversity, Equity, and Inclusion ReportAbout Wells Fargo

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Appendix

Employee demographics
1,2,6

U.S. demographics

Total U.S.
employees

53%
17%
13%
12%
3%
0.5%
0.3%

1

White
Hispanic/Latino
Black orAfrican American
Asian
Two or more races
American Indian/
Alaskan Native
Native Hawaiian/
Other Pacific Islander

Board ofDirectors³

Operating4
Committee

Executives

69%
8%
23%
0%
0%
0%
0%

73%
7%
13%
7%
0%
0%
0%

73%
5%
6%
12%
2%
0.2%
0.1%

5

Unless otherwise noted, data is as of December 31, 2023 and includes all active Wells Fargo employees in the United States counted individually. Employee demographics are based on employee self-identification. More than 99% of employees have self-identified race/ethnicity
in the United States. U.S. race/ethnicity categories are based on U.S. Equal Employment Opportunity Commission categories.
Employee demographics are based on employee self-identification. More than 99% of employees have self-identified race/ethnicity in the United States. U.S. race/ethnicity categories are based on U.S. Equal Employment Opportunity Commission categories.
3
Board of Directors data as of April 30, 2024. Board of Directors includes the CEO.
4
Operating Committee includes individual leaders who run the company’s major lines of business and enterprise functions. The CEO is not included in Operating Committee diversity.
5
Executives include employees in the three most senior job levels, including the Operating Committee.
6Information about year over year United States race/ethnicity data is available in the Appendix.
2

7

Wells Fargo | 2024 Diversity, Equity, and Inclusion ReportAbout Wells Fargo

Engaging colleagues

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Supporting communities

AppendixEnterprise-wide approach
to DE&I“Proper respect must be shown to all – let them be men, women or children, rich or poor, white or black –it must not be forgotten that the company is dependent on these same people for its business.”–Wells Fargo & Co. Instruction Book, 1888

Respect and inclusion are not a new
ideal for Wells Fargo. The traits havebeen a part of our company’s central
tenets since our earliest days. Respect
and inclusion unite us around thesimple premise that the company isreliant on the communities we serveand that customers are better served
when they have a trusted relationshipwith an organization that understands
their needs and provides products
and solutions to meet those needs,
especially in a rapidly changing world.
Whether we’re serving an individual,a family, small business, larger
company, nonprofit, corporation,
government, or partners in thecommunity, treating people withrespect and understanding drives ourapproach to diversity, equity, andinclusion (DE&I) at Wells Fargo.
Core to our business is promoting
and sustaining an inclusive workplace,
supporting customers in historicallyunderserved communities, and taking
steps to narrow the racial wealth gap.

8

These efforts include programs,
policies, and procedures designed
to provide a fair and inclusive work
environment for our colleagues;
products and services that meetthe financial needs of historicallyunderserved customers; andopportunities for diverse suppliers
to grow their businesses.
As one of the nation’s largest financial
institutions, we have a unique
opportunity to drive progress inadvancing financial equity andinclusion by developing sustainable
and integrated customer-focused
approaches that reach beyond a single
business, financial product, orphilanthropic contribution.
Our DE&I work is an ongoing journey.
We remain steadfast in our work
to hold ourselves accountable
to colleagues, customers, andcommunities and to help them achievea greater level of financial success.

Wells Fargo | 2024 Diversity, Equity, and Inclusion ReportAbout Wells Fargo

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Appendix

Diverse Segments,
Representation, andInclusion at Wells Fargo
We established our Diverse Segments, Representation,and Inclusion (DSRI) function in 2020 to further integrate
our DE&I goals with the company’s business strategies,
directly influencing the development of products andservices for historically underserved communities.
Kristy Fercho, the head of DSRI, reports to the CEO
and sits on the Operating Committee.
Racial Equity Assessment

Our DE&I strategy centers on three strategic priorities:
1.

Increasing diverse representation and inclusion throughan inclusive culture and workplace environment.

2.

Better serving and growing diverse customer segments.

3.

Supporting and increasing spend with diverse suppliers.

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Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

In September 2022, we commissioned
a third-party law firm to conduct a
racial equity assessment (REA). The
REA was overseen by the Corporate
Responsibility Committee of theBoard of Directors and focused on
Wells Fargo’s efforts to serve diverse
communities and advance a diverse
workforce. The REA recognized ourefforts to promote racial equity in
the United States through our three
DE&I strategic priorities and maderecommendations on what theCompany can consider to further
these priorities.

We published the REA in December
2023 and have now completed
a thorough review of the REA
recommendations. We are
implementing the vast majorityof the proposals and prioritizing therecommended enhancements to ouranti-harassment and discrimination
policies and procedures. We havealready implemented some of therecommendations, and most of theremaining proposals are on track for
implementation by year-end.

About Wells Fargo

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Engaging
colleagues
11

Creating opportunities for leaders

13

Attracting talent

15

Supporting colleagues within Wells Fargo

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Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

Supporting communities

AppendixAbout Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

AppendixCreating opportunities
for leaders
Wells Fargo believes fostering an inclusive and empowered
workforce starts at the top. We’re working to increase thediversity of leaders at all levels in the company; recruit andretain a diverse workforce; and build relationships withcolleagues, customers, and communities from a varietyof backgrounds and lived experiences.
We want our employees andleadership to reflect the communities
where we live and work. Our Operating
Committee and other senior leaders
support this goal through coaching,mentoring, and embedding DE&I into
our business practices and work in thecommunity, and their performanceagainst this is factored into theirperformance evaluation andcompensation. We help individuals,
including those from underrepresented
groups, prepare to be our leadersof tomorrow.
Operating Committee
Sponsorship Program
Our companywide Operating
Committee Sponsorship Program,started in 2021, served 31 participantsin 2023 across different backgrounds.
Program participants, who havevarying degrees of leadership
responsibilities, spend time with theirrespective Operating Committee

11

member sponsors to receive
personalized support to acceleratereadiness for expanded roles andopportunities in the company.
Building Organizational
Leadership Diversity (BOLD)
The BOLD program also began
in 2021 and accelerates thedevelopment of mid-career talent
by supporting career mobility andproviding advancement programs.
We concluded the second cohort
in 2023 with 253 participants andlaunched our third cohort that will
focus on helping participants define
their career aspirations, prepare
for next steps with development
opportunities, broaden their networks,
and perform in their current jobs.
The second cohort has experienced
more than 50 promotions or lateralmoves within 2023.

Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

Patty Juarez (she/her/hers)
Head of Hispanic/Latino Affairs

Increasing our connection with the Hispanic/Latino community
In 2023, Wells Fargo created a new position, head of Hispanic/Latino
Affairs, focused on delivering greater value to the Hispanic community
through cultural engagement, executive recruitment, businessdevelopment, and stakeholder relations.

About Wells Fargo

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Supporting communities

Appendix

Developing senior premier bankers
Launched in 2022 as part of our efforts to
expand diversity throughout the premier bankerrole in the Wells Fargo National Branch network,
the Premier Banker Associate Program helps
develop and retain talent for a career as a seniorpremier banker. Upon successful completion of
the program, associates are promoted to thesenior banker role. In 2023, 58 associatescompleted the program and were promoted.

Andrew Holbrook (he/him/his)Chief Accessibility Officer“Being part of the Premier Banker Associate Program has been a great experience.
It elevated my confidence, and the tremendous support that I have received frommultiple leaders has shaped my skills and knowledge. I’m proud to be part of aprogram that continues to discover new talent within the company.”–Alejandro Cintora Lopez (he/him/his)
Senior Premier Banker and Premier Banker Associate Program graduate

Andrew Holbrook (he/him/his)Chief Accessibility Officer

Enhancing our focus on accessibility
In 2023, we created a new executive position, Chief Accessibility Officer,
to coordinate and advance accessibility efforts across the enterprise forour colleagues and customers in alignment with the Americans with
Disabilities Act.

12

Wells Fargo | 2024 Diversity, Equity, and Inclusion ReportAbout Wells Fargo

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Appendix

Attracting talent
We’re actively developing new ways to recruit talent,
including participating in national diversity events andhosting our annual internal recruiting events and job forums.
Investing in the talent of the future
In 2023, the Global Early Careers team continued to make progress toward
its strategic goals to attract, develop, and retain best-in-class talent acrossWells Fargo. The team continued talent programs at the intern, analyst, andassociate levels. It also expanded its scope to develop strategic partnerships within
our local communities to support emerging talent programs. These include highschool and college apprenticeships, as well as college sophomore development
opportunities, which allow us to hire, retain, and upskill junior-level talent.
Examples of the programs include:•

Partnering with the New York Jobs CEO Council and LaGuardia Community
College to launch a Software Engineering Externship program providing
exposure and long-term career opportunities.

•

Hosting various diversity summits, for example, OUT on Wall Street, which was
an event open to all individuals with a particular focus on allyship and those who
identify as LGBTQ+.

•

Establishing and recruiting for a new companywide Sophomore Discovery
Fellowship Program, with 83% of participants coming from a historicallyunderrepresented background, and 64% of participants identifying as female.

•

Tripling the number of early career hires from national diversity conferencesand events, including Association of Latino Professionals for America (ALPFA),Asian Pacific Islander American Scholars, and AnitaB.org Grace Hopper Celebration.

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Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

Neurodiversity Program
In 2020, Wells Fargo established its Neurodiversity Program, hiring and supporting
neurodivergent individuals — including those with autism, ADHD, and dyslexia —into meaningful career opportunities. In 2023, Wells Fargo hired 130 employees
through the program, bringing the total employees hired to nearly 300. Of the hires in
2023, 58% were racially/ethnically diverse. The program provides a support system
featuring dedicated coaches and mentors to foster long-term career development,
underscoring Wells Fargo’s commitment to inclusivity and leadership in enhancing
workplace diversity. We’ve retained 97% of those who were hired through theprogram, as of the end of 2023.
Through a partnership with the University of Connecticut Center for Neurodiversity& Employment Innovation (CNDEI), in 2023, Wells Fargo prepared to roll out acorporate education and training curriculum on neurodiversity, which launchedin March 2024 and is available to all employees. Wells Fargo’s collaboration with
UConn CNDEI enhances the company’s cultural competency through ongoingeducation and broadens our access to neurodivergent college talent.

About Wells Fargo

Engaging colleagues

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Appendix

Offering training for those who served
We renamed the Wells Fargo Military Apprenticeship
Program in 2022 in memory of our late chief auditor
and Marine Corps veteran, Julie Scammahorn. In
2023, more than 60 individuals participated in the
program. Certified by the U.S. Department of Labor,
and validated and authorized by the U.S. Departmentof Labor and the U.S. Department of Veterans Affairs,
the program offers one- and two-year opportunities
that provide hands-on learning and formal instruction
in a variety of occupations to help transitioning
service members, veterans, and those still serving in
the National Guard get the opportunity to leverage
their skill sets in the organization.

Glide – Relaunch in 2023:

23
89
91%

participantsin Indiaparticipants in the
United Statesof U.S. participants
moved to full-time
employment upon
program completion1

https://www.linkedin.com/company/onetencoalition/

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Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

Julie Scammahorn Leadership AwardAs an extension of the Julie Scammahorn National Military Apprenticeship
Program, our Veterans’ Connection Employee Resource Network helped launch
the inaugural Julie Scammahorn Leadership Award in 2023. It recognizes
veterans who demonstrate leadership, service, and mentorship.
2023 Winner: Rafael Cabal (he/him/his), Audit Manager - Executive Director

Wells Fargo Glide – Relaunch (U.S. and India)

Welcoming military-affiliated job seekers

The Glide – Relaunch program connects experienced
individuals seeking a smooth transition back into
employment after an extended career break by
providing the support and resources needed torelaunch careers at Wells Fargo.

Since 2021, we’ve worked with 50strong, a U.S.-basedorganization that connects military-affiliated job
seekers with employers.

Career Development Program supporting the
OneTen Coalition
Wells Fargo has been a member of the OneTen
Coalition since 2021. The goal of this group of leading
chief executives and their companies is to train, hire,
and promote 1 million Black or African American
individuals who do not yet have a four-year degree
into family-sustaining careers with opportunities
for advancement over the next 10 years.¹ The Career
Development Program directly supports ourpartnership with the OneTen Coalition where
employees receive structured coaching, training,and other key activities to support their continuous
learning and growth. Our second cohort concluded
in 2023, with approximately 88% of the participants
coming from a diverse background.

Building partnerships to increase hiring diversity
In 2023, Talent Acquisition’s National Partnerships& Programs team continued to increase diverse
representation by championing high-priority talentattraction strategies, amplifying brand presence, andelevating thought leadership in partnership with morethan 23 diverse national professional associations
including the National Society of Black Engineers,
Association of Latino Professionals for America,
Disability:IN, Ascend, American Indian Science andEngineering Society, Reaching Out MBA Association,
Management Leaders for Tomorrow, and AnitaB
Grace Hopper Celebration of women in technology.

About Wells Fargo

Engaging colleagues

Serving customers

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Appendix

Supporting colleagues
within Wells Fargo“My message is that I hope everyone feels like theycan, or have the right to be, exactly who they are.
Less concerned about negative consequences, more
empowered, and confident that being themselves iswhat activates personal engagement and careeradvancement. And for this to happen, we need ourallies to not only stand with us, but actively speakout in support of us when they see the LGBTQ+
community being denigrated or marginalized.”

We strive to create a workplace of belonging where all colleagues
feel comfortable bringing their whole selves to work.
Self-ID: Cultivating respect,
diverse perspectives, andpsychological safety
We’re working together to create abetter company for our employees.
Through voluntary self-identification(self-ID), we can achieve a more
complete picture of our employee
makeup by gathering demographic
data that includes race/ethnicity,
sex, gender identity, sexual
orientation, pronouns, disability,
military service, and military spouseor domestic partner.

Employees are regularly encouraged
to voluntarily update their personal
information in the company’s official
system of record, Workday.

–Matt Hurwitz (he/him/his)
Executive Vice President and Head ofCommercial Banking Communications

We believe all Wells Fargo employees
should feel valued, respected, and safe,
so that they can bring their whole selves
to work, free to contribute their uniqueperspectives with confidence.

“I very much appreciate the self-ID program.
As a trans/nonbinary veteran, self-identifying —in addition to the support of my colleagues —has helped empower me to bring my entire self towork. And while we’ve all heard how the ability to
do so can be a very positive thing, experiencing it
firsthand as I have has been genuinely
transformative.”

One way we promote this feeling of
belonging is by encouraging our
employees to address one another withthe pronouns that they use, individually,
according to their gender expression.

–Alex Tricarico (they/them/theirs)
Senior Writer, Wells Fargo Marketing andPublic Affairs DE&I council member

U.S. self-ID¹

4%
3%
9%

of employees selfidentify as a veteranof employees selfidentify as LGBTQ+
of employees selfidentify as having
a disability

1

Unless otherwise noted, data is as of December 31, 2023 andincludes all active Wells Fargo employees in the United Statescounted individually. Employee demographics are based on
employee self-identification. More than 99% of employees haveself-identified gender globally and race\ethnicity in the UnitedStates. LGBTQ+ includes lesbian, gay, bisexual, transgender,
queer and/or questioning, and other sexual orientations andgender identities.

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Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

1987
2004
2023

Wells Fargo announced employment
protections against discrimination
for sexual orientation.
Wells Fargo protections expanded toinclude gender identity.
20th year we received the Equality 100
Award from the Human Rights Campaign.

About Wells Fargo

Engaging colleagues

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Appendix“My mentor uncovered developmental goals that I didn’t know I needed. He challenged me to be more tactical and to step outside my comfort zone.
He talked to me about a leadership program that I thought was geared toward individuals with a different background. His leadership and coachinghelped me successfully enter the Branch Manager Leadership Program where I was one of three individuals selected out of 50.”
–Matthew Purrazzella (he/him/his)
Mentee in the Wealth & Investment Management Chapter, Wells Fargo Mentoring Program~15,000
employees enrolled in traditional,
reciprocal, and reverse mentoringcohorts via 57 formal Mentoring
Program Chapters or Branches.

Wells Fargo Mentoring Program
Providing employees with mentoring opportunities is important todeveloping our workforce and empowering our employees in theircareers. In 2020, we created the Wells Fargo Mentoring Program
to help our employees have positive, enriching, and engaging
experiences across business divisions and job levels. Employees cansign up to be informal mentors or seek mentors whose experienceand expertise aligned with their career development interests.

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Wells Fargo | 2024 Diversity, Equity, and Inclusion ReportAbout Wells Fargo

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Appendix

Patent program diversity
Wells Fargo’s patent program engages
hundreds of employees each year in
activities that generate innovativeideas that may be patented by thecompany.

We also created an Inventor Hallof Fame program to recognize
employees who have demonstrated
their dedication to innovation by being
named on 25 or more Wells Fargo
patent applications. Currently, 27%of members are women.

In 2023, we hosted various ideation
sessions with more than 700
employee participants. The sessions
included employees with diverse
backgrounds from across thecompany; we additionally held specificsessions with Women in Technology,
BOLD cohort, and Veterans’ Employee
Resource Network members.

PatentPatentprogram
programdiversity
diversityinin2023:
2023:

17

Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

29%

25%

30%

of our patentapplication
inventors were
women.

more patents
granted toWells Fargo in
2023 versus 2022.

of inventors on
issued patents
were women.

About Wells Fargo

Engaging colleagues

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Employee Resource Networks

In 2023, we:

The 10 Employee Resource Networks(ERNs) are core to Wells Fargo’scommitment to an inclusive workplace
where employees feel they belong. The
ERNs are formed around Wells Fargo’s
historically underrepresented groups inleadership and are open to all employees.
They have three priorities — advocacy+ allyship, awareness, and connection.
The ERNs deliver upon these priorities
through career and professional
development, mentoring, leadershipengagement, networking, andcommunity volunteering opportunities.
ERNs can be a valuable resource for
fostering business development andinnovation, gaining segment insights,
and recruiting and retaining talent forour organization.

•

Increased participation in ERN
mentoring programs by 41%.

•

Completed an ERN update
where we selected 10 new
ERN presidents, implemented
employee listening to drive
strategic planning, realigned
Operating Committee sponsors,and simplified the structure.

Appendix“One of the greatest successes of 2023 for our Employee Resource Networks was providing connection through community, growth throughlearning opportunities, and awareness through discussions – the end result is having employees feel seen, supported, and connected.”–Evelyn Lee (she/her/hers)
President, Asian Connection

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Wells Fargo | 2024 Diversity, Equity, and Inclusion ReportAbout Wells Fargo

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AppendixMore than 26% of our colleagues participate in an ERN.

“I am proud that Wells Fargo is a top employer of Gen Z talent and a recipient of the 2023 Handshake Early Talent Award.
This is a testament to the impact we have in powering the future of work and leaders.”–Keith Karpinske (he/him/his)
President, Generation Connection
We launched our employee Belonging campaign in 2023. It offered ways
to help build a greater sense of belonging in the workplace, including:19

Wells Fargo | 2024 Diversity, Equity, and Inclusion Report1.

Joining one of our 10 Employee Resource Networks.

2.

Celebrating inclusive behavior and the contributions of others.

3.

Learning about belonging through one of our 14 online learning modules.

4.

Talking the talk by using inclusive language.

5.

Sharing pronouns and addressing others with their pronouns.

6.

Supporting well-being by exploring benefits for mind and body.

About Wells Fargo

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Appendix“I have observed a little discussed benefit of the council: the development of our future leaders in the company. The council affords individual
volunteers the opportunity to hone their skills in developing a strategy, influencing others, communicating with clarity, and monitoring
execution of the strategy. It has been very rewarding watching that talent blossom through the council’s work.”–Michelle Rhee (she/her/hers)
Co-chair, Legal DE&I council

Inclusion toolkits for managers

Driving DE&I throughout
our organization
Representing each business,enterprise function, and/orinternational region, our 18 DE&I
councils are composed of employees
whose dedication to DE&I extends
beyond their principal work at thecompany in order to build andpromote a more inclusive andequitable culture for our workplace
and the communities we serve.
Each sponsored by an Operating
Committee member, councils
champion, develop, inform,
implement, and monitor DE&I
initiatives, programs, and policies
to help us continue to make positivechange across our business.
DE&I council members’ diverse
perspectives and experiences not only
deepen understanding, but also playa role in shaping career paths anddevelopment for employees

20

across segments, support diverse
talent hiring and retention, raise
cultural competency awareness, andactivate unique storytelling platforms
to foster connectivity and a sense of
belonging among employees.
Annual DE&I Summit
We hosted our third Annual DE&I
Summit in October 2023 to reinforce
the importance of DE&I as a business
imperative that drives businessgrowth, cultivates innovation andsuccess, and creates belonging.
Wells Fargo leaders met in New Yorkto share updates on key DE&I
strategic priorities and progress.
Following the event, 94% ofparticipants responding to a survey
had a better understanding of
Wells Fargo’s commitment to DE&I
because of the Summit.

Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

The Chief Operating Office DE&I council developed an inclusion
toolkit for managers designed to help them foster a culture ofinclusion and enhance employee experiences. The toolkit sharesinsights and resources on a variety of topical DE&I aspects at theworkplace such as micro behaviors, fostering disability inclusion,and creating a sense of belonging. More than 3,500 managers
attended the toolkit prep sessions hosted by the council co-chairs
and further facilitated discussions with their teams in 2023.
The India and Philippines DE&I council expanded this initiativewith resources for their region.

About Wells Fargo

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Serving
customers
22

Engaging diverse segments

23

Serving consumers

26

Serving businesses and their owners

27

Providing access with the Banking Inclusion Initiative

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Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

Supporting communities

AppendixAbout Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

Appendix

Engaging diverse segments
We continue to support equity and inclusion in
financial services by developing sustainable, integrated,customer-focused offerings. This better positions us
to understand and address the needs of our customers,
including access to capital, financial empowerment andplanning, and comprehensive solutions to build theirfinancial future.
Our approach is built on the belief that
we can build a stronger Wells Fargo
by effectively serving a variety ofcustomers across our businesses.
We’ve adopted an integrated viewof the landscape impacting diverse
customer segments, centered around
Diverse Customer Segments teams ineach of our four reportable operating
segments. These teams report to theirbusiness line CEOs and the Head of
DSRI and work to enable new
products, strategies, and solutions forour current and prospective clients.

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Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

To support financial equity
for these customers, our Diverse
Customer Segments teams focus
on three priorities:•

Acquiring, growing, anddeepening our relationships
with customers through better
understanding their needs.

•

Providing access to capital,
financial products, and solutions.

•

Identifying and leveraging
strategic partnerships tocreate greater impact acrossdiverse communities.

About Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

AppendixServing consumers
Wells Fargo is working to be a company built for the needsof an increasingly diverse population. Our diverse consumer
segments teams are focused on advancing products,
programs, and services with the needs of our customers
in mind, including those from diverse communities.
Connecting across languages
We strive to ensure our branches
reflect our communities and aim
to serve our customers how theychoose to be served. In markets withdiverse populations, we seek to hire
employees who speak the languages,
know the cultures, and can help meetthe needs of our diverse customers inthose communities.
We also provide our employees withthe tools and support they need towork with customers — whether they
speak English, Spanish, Mandarin, orother languages. We have Spanish
language options available on our
website and mobile banking, andprovide 24/7 support to customers
in multiple languages. Each of ourATMs feature eight language options— English, Spanish, French, Russian,Chinese, Korean, Vietnamese, andHmong.
We published our first Spanishlanguage ads and began recruiting
Spanish-speaking employees to help
bridge communication with customers
in the 1850s.

In 2023, we enhanced our Fargo™
virtual assistant with a Spanishlanguage capability. Our Hispanic &Latino Connection Employee Resource
Network beta-tested Fargo en
Español and provided real-time
feedback to shape the user experienceand improve accessibility. We also are
working to optimize the Spanishlanguage experience across services.

Wells Fargo has developed products to support consumers with things likecash flow management, access to banking resources, and homeownership,
along with streamlining investing, financial goal setting, and tracking.
Products and resources include:
1. Early Pay Day and Extra Day Grace programs that allow customers
to access direct deposits two days early or receive an extra day tomake deposits to avoid overdraft fees.

Utilizing tech to expand our reach
The Wells Fargo Foundation funds
several technology-driven solutions
to provide financial health tools,
virtual coaching, and connections topersonalized resources. For example,
since 2022, we’ve provided$800,000 to the Human Rights
Campaign Foundation’s WorthIt —a digital financial health platform
tailored to LGBTQ+ adults aged
18-30. Combined with “high-touch”
interventions like in-person financial
coaching, these technology solutions
expand the reach and measurable
impact of efforts to increase financial
inclusion, access, asset building, andwealth creation.
1

2.

Homebuyer Access℠ grants that help eligible customers secure a$10,000 down payment that doesn’t need to be repaid.¹

3.

LifeSync®, a personalized digital approach to aligning clients’ goals
with their money, launched in 2023 in the Wells Fargo Mobile® app.

4.

Stock Fractions℠ expands access to investing and provides
customers the ability to buy fractions of a company’s stock in the
Wells Fargo Mobile® app. Launched in 2023 with do-it-yourself
investing clients in mind, it helps them build a diversified portfolio,
regardless of stock price.

5.

ExpressSend® Service provides customers with money sharing
capabilities to Mexico and 12 additional countries in Central
America, the Caribbean, South America, and Asia.

For more information on eligibility requirements, please refer to https://sites.wf.com/accessgrant/.

23

Wells Fargo | 2024 Diversity, Equity, and Inclusion ReportAbout Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

Appendix

Providing a pathway tohomeownershipTo strengthen our support for
homeownership, we launched astrategic initiative in 2023 to simplify
and focus our home lending businessfor the benefit of our customers,
individuals, and families from
historically underserved communities.
This includes two Special Purpose
Credit Programs (SPCP).
The first was a refinance SPCP
launched in 2022, helping to fulfill
our initial $150 million commitment
to help eligible Black and Hispanic
homeowners, whose mortgages areserviced by Wells Fargo, to lower
their interest rates and reduce
their monthly mortgage payments.
Through the refinance SPCP program,
we subsidized the rate and covered
one-time expenses — such as
nonrecurring closing costs or the
VA funding fee — associated withthe loan, and helped more than
5,000 customers who had notpreviously taken advantage of the
low-rate environment to lower theirinterest rate.
The second SPCP is a home purchaseprogram, offering the Homebuyer
Access℠ grant, to help eligible buyers
obtain $10,000 in down-payment
assistance. This assistance can be
combined with any conventional/
conforming loan, including our 3%
down payment product Dream. Plan.
Home.℠ mortgage, and Dream. Plan.
Home.℠ closing cost credit, which
provides up to $5,000 to use toward
expenses, such as a home appraisal,
processing and recording fees, andother one-time costs paid upfront at
24

Wells Fargo | 2024 Diversity, Equity, and Inclusion Reporttheir mortgage closing. The program
launched in eight markets andprovided down payment assistanceon 106 loans in 2023.
Access to affordable rental housing
is another critical driver ofhomeownership. Wells Fargo’s
Community Lending and Investment
team is proud to be a leader infinancing the construction anddevelopment of affordable housing.
The Veterans Collective, for example,
is a nonprofit organization dedicatedto transforming the North Campusof the West Los Angeles VA into a
thriving community through thedevelopment of housing andsupportive services for veterans andtheir families. We’ve financed units
for homeless and formerly homelessveterans by providing more than $140
million in construction financing and$110 million in low-income housing
tax credit equity.

In 2023, we funded more than

13,000
customers who werefirst-time homebuyers.

About Wells Fargo

Engaging colleagues

Improving diversity in thereal estate appraisal industry
The Real Estate Valuation Services’
Appraisal Associate Program aims
to provide a positive impact on thediversity of the real estate appraisal
industry through a multiyear
commitment to hire and train
individuals up to and including
obtaining their state appraisal
certifications. Associates aresupported through an internal
supervisory network pairing new
entrants with experienced, talented,
and industry-leading staff appraisers
performing valuation services for
Wells Fargo. Thirty-four individuals
are currently in the program. In
addition, in 2023, we collaborated
with the National Urban League tolaunch the Urban Appraiser Initiative¹,
a five-year program with the goal ofcertifying additional diverse
appraisers.
Increasing economic opportunities
with Project REACh

Serving customers

Supporting communities

Wells Fargo’s Head of Consumer
Lending, Kleber Santos, represents
Wells Fargo on the National Project
REACh working group and Kristy
Fercho, our Head of DSRI, leads theAffordable Homeownership national
workstream. In 2023, more than 25of our leaders and subject matter
experts actively participated acrossthe four national workstreams:
Affordable Homeownership, Minority
Depository Institutions, Alternative
Credit Assessment, and Small andMinority Business Opportunity, as
well as the local REACh initiative in
Los Angeles.
One REACh success is a multi-lenderhomeownership counseling pilot
program designed to support
prospective homeowners who havebeen denied a mortgage. Led by Home
Lending Diverse Segments leaders,multiple lenders, homeownershipcounseling agencies, and nonprofit
partners collaborated to design andagree on a pilot program across fivemarkets that will launch in 2024.

Wells Fargo joined the Office of
the Comptroller of the Currency
Roundtable for Economic Access andChange (Project REACh) as a founding
member in 2020. This innovative
partnership project supports financial
inclusion by bringing together thebanking industry, national civil rights
organizations, businesses, andtechnology providers to reduce
specific barriers that may limit fullparticipation in the nation’s economy.

1

Figures related to the Urban Appraiser Initiative are reported to Wells Fargo by the National Urban League and as such,
Wells Fargo cannot guarantee the accuracy of the figures.

25

Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

AppendixAbout Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

AppendixServing businesses
and their owners
Diverse-owned businesses are an important part of our
success. Whether an entrepreneur, established small business,or corporation, we provide transaction, lending, investment, andcapital-raising support.

2023 products and resources included:
•

•

26

SLAP™ (Silver Lining Action Plan),a program for small businesses
funded partially by Wells Fargo,announced its availability in
Spanish. SLAP makes goal setting
and business planning moreaccessible for small businessowners who want to grow theirrevenue and their profit, including
marketing materials, websites,
software, and human support.
We launched a partnership with
MoCaFi, a Black-led fintech, tohelp alleviate financial barriers toprosperity by helping excluded
communities create wealththrough better access to public,
private, and social capital. We
collaborated with MoCaFi on their
On Our Block programming,
which aims to engage consumers
in financial literacy and personal
pathways to financial health.

••Our inaugural Black Business
Leaders’ Summit was hosted in
New Orleans in 2023. The event
was a gathering of approximately
200 clients, community partners,
and colleagues to examine topics
such as leadership excellence,technology/innovation, andcapital markets, while also
providing attendees with a forum
for connection and networkbuilding.
Engagement with more than 25
diverse-owned broker dealers.
The Corporate and Investment
Banking Diverse Segments teamcollaborates with broker dealers
on various fronts, including
recruitment, secondary trading,client introductions, andcustomized support for theirbusiness needs. In 2023, we paid
$9.2 million in underwriting feesto diverse broker dealers.

Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

Designing innovative products that
support underserved communities
Wells Fargo has been a proudsupporter of Native American andAlaskan Native communities for morethan 65 years and continues to be
the leading provider of capital andfinancial services to tribes and tribalowned enterprises. Our Diverse
Customer Segments teams leverage
Wells Fargo’s DSRI structure topartner, innovate, and work acrossbusiness lines to better serve andgrow our customers.
One example is the 2023 launch of
the Tribal Inclusion share class for the
Allspring Government Money Market
Fund. The share class is offeredexclusively to Wells Fargo corporateclients and is the first money market
fund designed with a charitable
contribution benefiting tribal
communities. Native Forward, along-time Wells Fargo partner andleading scholarship provider to
Native American and Alaskan Native

students, receives a portion of thefunds’ proceeds to further their
mission. The fund also serves as a
powerful example of how financial
services can be creatively designed
to benefit Native American andAlaskan Native communities.

About Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

Appendix

Providing access with the
Banking Inclusion Initiative
Launched in 2021, the Banking Inclusion Initiative, our
10-year plan to provide access to low-cost banking to those
without access to traditional financial services, is an example of
how our business and philanthropy can come together.

The program focuses on connecting with communities with higher rates of
unbanked individuals, including Black, Hispanic, Latino, American Indian, andAlaskan Native individuals and families.
We’re also assisting those who are underbanked and underserved, who may
not have a bank account yet, or still use high-cost, nonbank services. Where our
traditional Consumer, Small and Business Banking business may not reachthese underbanked consumers, we partner with our Philanthropy and Community
Impact team to strategically invest philanthropic resources to extend our reach.
In 2023, we enhanced the program to include:

27

Wells Fargo | 2024 Diversity, Equity, and Inclusion Report•

Working with UnidosUS, the nation’s largest Latino civil rights and advocacy
organization, to launch a program to promote Bank On nationally certified
accounts. Bank On certified transaction accounts offer low or no fees, nooverdraft charges, and other accessible features. We expect that increased
awareness of Bank On certified accounts will support access to a banking
account for lower-income individuals in Latino and other communities.

•

Launching 15 new HOPE Inside centers and announcing the expansion
to 50 financial coaches who will be available to communities by 2026.
The work is in collaboration with Operation HOPE and aims to provide
free financial education and one-on-one financial coaching in low- andmoderate-income neighborhoods.

•

Opening additional Community Connection branches, bringing the total to
91 through the end of 2023. The branches deliver one-on-one consultations,improved digital access, and financial health seminars in communities with highconcentrations of unbanked individuals.

About Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

Supporting
communities
29

Creating positive impact through philanthropy

30

Supporting small business growth31

Opening pathways to financial health32

Increasing access to affordable housing and sustainable communities

33

Connecting with diverse suppliers

35

Investing in our diverse community segments

28

Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

AppendixAbout Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

AppendixCreating positive impact
through philanthropy
Our Philanthropy and Community Impact team,which includes the Wells Fargo Foundation, focuses
on strengthening historically underrepresented individuals
and underserved communities by creating pathways
to economic advancement and generational wealth.

Philanthropy and Community Impact focuses on four strategic pillars:
1.

Supporting small business growth.

2.

Opening pathways to financial health.

3.

Championing housing access and affordability.

4.

Driving an equitable low-carbon future.

$300M“We aim to spark transformational change and be intentional about removing
barriers to economic mobility and generational wealth for underserved
communities.”–Darlene Goins (she/her/hers)
President of the Wells Fargo Foundation andHead of Philanthropy and Community Impact,
Wells Fargo & Company

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Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

830,000+

total 2023
philanthropic giving

volunteer
hours

3,200

nonprofit
organizations supported

3,700

grantsAbout Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

Appendix

Supporting small
business growth
Entrepreneurs are an important part of the United States’
economy and local jobs. We collaborate with nonprofits toprovide small businesses in underserved communities withaccess to capital and resources needed to grow and prosper.
Our support includes:•

Continuing work with the Open for Business Fund¹, a roughly $420 million
effort enabling grantees to reach more than 337,000 diverse small businesses
and helping them preserve or create more than 461,000 jobs throughDecember 2023. Of the businesses served, 79% were owned by racially or
ethnically diverse individuals, 71% identified as low- to moderate-income,and 53% were owned by women.

•

Providing approximately $700,000 in grant funding through 2024 to Centerat Sixth, a small business marketplace and incubator in Des Moines to support
small businesses from underserved communities.

•

Contributing $250,000 to Save the Children Philippines to help 350 community
members start small businesses in 2022 and 2023.

Neighborhood Development Center
In Minneapolis, the Wells Fargo Foundation provided grants
to the nonprofit Neighborhood Development Center, which
has helped 60 small businesses rebuild following the protests
and civil unrest in May 2020 that led to businesses being
looted and destroyed.

1

The Open for Business Fund was established by voluntarily donating all gross processing fees that Wells Fargo madefrom Paycheck Protection Program loans made in 2020. Figures related to the Open for Business Fund are self-reported
to Wells Fargo by grant recipients and as such, Wells Fargo cannot guarantee the accuracy of the figures.

30

Wells Fargo | 2024 Diversity, Equity, and Inclusion ReportAbout Wells Fargo

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Supporting communities

Appendix

Opening pathways
to financial healthWe’re working to open pathways to economic advancement
to empower people to lead successful financial lives. We
invest in solutions to increase financial inclusion and access,reduce debt, build savings, and address systemic inequities.
Our efforts include:
•

•

31

Investing more than $36 million
since 2018 through Wells Fargo’s
Financial Capability and Credit
Building grant programs, which
support financial coaching andcredit building to help low- tomoderate-income and historicallyunderrepresented individuals
access the mainstream financial
system and build assets. Working
with nonprofits, these programs
have helped people reduce$77 million in debt and increasesavings by $41 million. More than
83,000 people have establishedcredit or increased their credit score.
Providing more than $5.6 million
since 2014 to support
100 Black Men of America’s
financial education and careerdevelopment programs for Black
youth and young adults, including
the Junior Investment Club,
Hands on Banking® workshops,
Collegiate 100 programs, and the
Pathways to Success workforce
readiness and entrepreneurshipprogram.

•Investing $855,000 withnongovernmental organizations
for workforce training for womenacross three cities in India. Morethan 1,500 women were placedin jobs.¹•

Supporting financial healthinitiatives at historically Black
colleges and universities (HBCUs),
including HomeFree-USA’s Center
for Financial Advancement™,
through nearly $9 million in grants
from Wells Fargo since 2017.

•

Funding approximately $105
million in scholarships
and programming from 2014
to 2023 for students from
historically underserved
communities.

•

Providing the NAACP, a civilrights organization focusedon the betterment of theBlack community, a $50 million
grant from us in 2023 — thelargest in the organization’s
history.² It will help strengthen
the NAACP’s grassroots networkof local units and branches acrossall states, increase essential staff
to implement and sustain
meaningful programming,and support strategic
community partnerships anda new national headquarters.

$300,000in scholarships provided, along with
virtual and in-person workshops focusedon financial and wealth-building tools,
as part of being the official banking
sponsor for six major HBCU footballclassic matchups.

$75,000
donated to Junior Achievement
Philippines to provide financial
education to 15,000 students.

1

Job placement figures are self-reported to Wells Fargo by the non-profit partners and as such, Wells Fargo cannot
guarantee the accuracy of the figures.
https://naacp.org/articles/wells-fargo-announces-50-million-grant-naacp

2Wells Fargo | 2024 Diversity, Equity, and Inclusion ReportAbout Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

Increasing access toaffordable housing andsustainable communities
Since 2019, the Wells Fargo Foundation has donated more than $650 million to
help address housing access and affordability, including support to keep people
housed through available and affordable rentals and homeownership. One housing
access and affordability grant program example is Keeping People Housed. It hashelped keep nearly 800,000 renters and homeowners in their homes throughcounseling, and access to federal, state, and local assistance.

Creating a more prosperous future
for Native Americans

Driving an equitable low-carbon
futureWe launched Invest Native in 2023,
a two-year, $20 million collaboration
with Native organizations andcommunities in six states to support amore equitable and prosperous future
for Native Americans. Invest Nativebuilds on our five-year, $50 million
commitment, completed in 2022,
to support American Indian andAlaskan Native communities. In 2023,
Wells Fargo awarded nearly $11
million as part of the programwith support going to community
development financial institutions,nonprofits, Tribally DesignatedHousing Entities, and Native
collaborations.

We’re helping boost access toclean, affordable energy in homes
in Chicago’s and Minneapolis’
underserved neighborhoods with
$4.2 million provided through amultiyear grant to Elevate. Funding
from the grant also supports
historically underrepresented
contractors and aims to reduce
the energy cost burden on
low-income households.

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Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

AppendixAbout Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

Appendix

Connecting withdiverse suppliers
We understand that our success stems from diverse
perspectives. Our Supply Chain Management group
works closely with our business, as well as internaland external stakeholders, to help grow relationships
with certified minority, women, LGBTQ+, veteran,disability-owned, and small business suppliers.

Our efforts are focusedin three key areas:
1.

Boosting diverse supplierparticipation in the procurement
process to increase our diverse
supplier spend.

2.

Developing diverse suppliers
through capacity- and expertisebuilding programs and services.

3.

Delivering informationand outreach to the diverse
supplier community byengaging with regional andnational organizations thatshare our commitment to
supplier diversity.

Developing diverse suppliers
for bigger businessWells Fargo proactively seeks
qualified suppliers who are certified
minority, women, LGBTQ+, veteran,disability-owned, and small businesses.
We support strategic opportunities
that include diverse suppliers incompetitive sourcing andprocurement opportunities.
We review benchmark data, peer
information, and diverse supplier
identification to help enable us toflag barriers to entry that may limit
participation. We also track our
performance each quarter.

1

A “diverse supplier” is a business that is at least 51% owned, managed, and controlled by a historically underrepresented person or group.
Wells Fargo requires that businesses asserting that they are diverse suppliers must be certified by a third-party certification organization
acceptable to Wells Fargo.

33

Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

In 2023, Wells Fargo
spent

more
billionMorethan
than$1$1B+with certified
diverse-owned suppliers.¹

About Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

Appendix

Capacity building
We offer capacity-building programs for diverse suppliers, which are designed tohelp their companies grow, expand their products and services offerings, and acquire
relevant skill sets. The programs also help Wells Fargo develop a pipeline ofpotential suppliers it can work with in the future. Program components typically
include sessions focused on access to capital, technical assistance, and relationshipbuilding. Wells Fargo also provides grants to attend course offerings at colleges anduniversities.
Outreach partnerships
To grow our diverse supplier program and deepen existing supplier relationships,
Wells Fargo has established outreach partnerships with several regional andnational organizations dedicated to supporting entrepreneurs from historicallyunderrepresented and underserved groups.

“My journey as an entrepreneur and a leader has been shaped by my experiences as an immigrant, a soldier, and a survivor. During this program,
I learned from the best faculty and peers on how to refine my strategy, market to the right customers, analyze my financial statements, optimize
my operations, manage my team, and lead with confidence.”–Haotian Bai (he/him/his)CEO, Patriot Conceptions and capacity-building program participant

Key national outreach partners:

34

Wells Fargo | 2024 Diversity, Equity, and Inclusion Report•

Disability:IN•

National LGBT Chamber of Commerce•

National Minority Supplier Development Council•

National Veteran-Owned Business Association•

Women’s Business Enterprise National Council

About Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

Appendix

Investing in our diverse
community segments
In 2023, we continued to focus on creating partnerships
and collaboration to help make a difference.
American Indian andAlaskan Native community
Since 2010, Wells Fargo has provided
grant funding and volunteers to
support Native American Connections,which provides behavioral health,affordable housing, and other services
for individuals and families in Phoenix.
Asian and Asian
American community
We provided more than $500,000 to
the U.S. Pan Asian American Chamberof Commerce (USPAACC) and the
National Asian/Pacific Islander
American Chamber of Commerce andEntrepreneurship to support technicaltraining and professional development
for Asian American small businessowners across the nation. We alsojoined the USPAACC’s new Women
Initiative for Strategic Empowerment,a program that provides mentoring
and coaching for aspiring Pan-Asian
women entrepreneurs and executives.
Black and African
American community
We continue to support the legacyof opportunity that historically Black
35

colleges and universities (HBCUs)
create, hosting mentorship programsand virtual events to recruit and teach
HBCU students about various career
pathways at Wells Fargo. In 2023, we
became the official banking partner of
the Central Intercollegiate Athletic
Association, the nation’s oldest
historically Black athletic conference.
We were also named as a newcorporate sponsor of the Mid-Eastern
Athletic Conference (MEAC), an HBCU
athletic conference, through a$100,000 donation to the MEAC
Foundation, its largest corporate
donation to date.

LGBTQ+ community
For 15 years, Wells Fargo has
supported Out & Equal, a U.S.-based
nonprofit organization working toadvance LGBTQ+ representation,
equity, inclusion, and belonging in theworkplace. In 2023, we became a
Titanium-level top sponsor andcommitted to a $200,000 grant thatwill span from 2023 to 2025.

Since 2022, we have worked with the
National LGBT Chamber of Commerce(NGLCC) on their Transgender &Gender Expansive (TGX) Initiative toprovide LGBT-owned businesses(LGBTBE) certification scholarships
and professional development
opportunities for TGX-owned
businesses, as well as support forresources and training for affiliate
LGBTQ+ chambers around theUnited States.

Hispanic and Latino community
Wells Fargo is one of the largest
corporate supporters of the Hispanic
Scholarship Fund, providing $2.8
million in scholarships to students at
many Hispanic-serving institutions(HSIs) around the nation in 2023.
Last year we also collaborated with
UnidosUS to launch their Home
Ownership Means Equity (HOME), a
new homeownership initiative aimed
at creating 4 million new Latino
homeowners by 2030.¹
1

UnidosUS figures are self-reported to Wells Fargo by the non-profit partners and as such, Wells Fargo cannot guarantee the accuracy of the figures.

Wells Fargo | 2024 Diversity, Equity, and Inclusion ReportAbout Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

Military and Veteran community

Disability community

We work to support military service
members and veterans across ourbusiness, including providing$250,000 to Warrior Rising since2019 to support veteran-owned
businesses. Through our work
supporting the transportation needsof our veteran/military community,
we donated more than 16 paymentfree vehicles, along with one yearof financial mentoring, to nonprofit
organizations, combat-woundedveterans, or Gold Star spouses whose
loved one was killed in action. Our
Veterans’ Connection ERN regularly
partners with other ERNs to highlightthe intersectionality of the militarycommunity, including a panel with
the Women’s Connection ERN tocelebrate women who transitioned
from the military to the financial
services industry.

Wells Fargo is working to advancefinancial inclusion for the disability
community. In 2023, we provided$200,000 to the American Associationof People with Disabilities, supporting
their efforts to increase the economic
power of people with disabilities, and$50,000 to Paralyzed Veterans ofAmerica for their small business selfemployment programming for
veterans with spinal cord injuries.
Additionally, through our sponsorshipof RespectAbility’s National
Leadership Program, we continue
to support efforts to create, access,and strengthen a diverse talentpipeline of people with disabilities.

Multigenerational community
The 100 Black Men of America’s Junior
Investment Club, supported by theWells Fargo Foundation, is asimulation game that introduces
middle and high school students toinvesting and wealth-building tools.
Using the SIFMA Foundation Stock
Market Game, student teams makevirtual investments in stocks, bonds,
and mutual funds and work withmentors to maximize the returnon their portfolios. The experience
helps students learn about investing.

36

Women
In 2023, we created two new womenfocused initiatives with businessowners: the Women’s Capital Summit
in collaboration with the WomenBusiness Collaborative, anda customer executive education
program at Harvard Business Schoolwith the Women Presidents
Organization.

Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

Appendix

Strategic partnership with T.D. Jakes Group
Wells Fargo and the T.D. Jakes Group announced a 10-year strategic
partnership to drive economic vitality and inclusivity in communities
across America in capital, financing, and philanthropy from Wells Fargo.
In 2023, $9 million in grants were donated to 16 community-basedorganizations, funded through a donor-advised fund managed at theCommunities Foundation of Texas on behalf of the T.D. Jakes
Foundation and Wells Fargo.

“This alliance allows us to further our four decadeslong work to provide economic justice, eradicate
food deserts, construct desirable workplaces andaffordable housing, closing the digital divide, andultimately help families leave a rich and lasting
legacy for the next generation.”–T.D. Jakes (he/him/his)
Chairman & CEO, T.D. Jakes GroupAbout Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

Appendix

Message from Kristy Fercho,
head of Diverse Segments,
Representation, and Inclusion

Throughout this year’s report, you read about Wells Fargo’s long-term commitment to
DE&I — a commitment that dates back to the company’s earliest days. We’re proudof the work we did throughout 2023 to bring this long-standing commitment to life.
We’re also excited to build on our progress in the years ahead because we know that
deliberate and intentional focus on DE&I is more important than ever.
We operate in an environment defined by change and volatility with macroeconomic
and marketplace shifts shaping the evolving landscape. Specifically, as the U.S.
population becomes more racially and ethnically diverse, so does our prospective
customer base, with growing investable assets, banking needs, and expectations
for financial services institutions to help them build a better financial future.
This includes providing affordable, accessible, and easy-to-use products andservices; enabling the dream of homeownership; and supporting the formationand growth of small businesses in diverse communities.
As such, our focus is resolute because we know that having diverse representationand perspectives, equity, and inclusion across the bank are critical to our ability toserve the evolving needs of our colleagues, customers, and communities. This is abusiness imperative for Wells Fargo as we must attract and retain a diverse
customer and employee base, address customers’ needs, and create an inclusive
culture.
Our commitment is unwavering as the work we do matters. Whether we’re serving an
individual, a family, small business, larger company, or nonprofit, our customers
and partners rely on us to help them achieve a greater level of success.

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Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

Throughout 2023, we took steps to continue to develop and mature theinfrastructure through which we advance our DE&I work. We believe we’ve built asustainable, purposeful structure that will position us to deliver enduring changewell into the future. We advanced key programs, outlined in the preceding pages,
dedicated to driving progress across our company. We also completed the public
release of a racial equity assessment prepared by a third-party law firm.
I’m passionate about the work we’re doing at Wells Fargo to advance diversity,
equity, and inclusion as it is critical to our success and the work we do. I also
believe deeply in the power of collaboration, and I’m grateful to the Wells Fargo
team and our many community partners for their energetic engagement in thiswork. Together, we have the potential to drive positive change for years to come.
Sincerely,

Kristy Fercho (she/her/hers)

Head of Diverse Segments, Representation, and Inclusion
Wells Fargo & Company

About Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

External recognition

National Organization on
Disability 2023 Leading
Disability Employer

Human Rights Campaign
Foundation Corporate Equality
Index (100%)

Appendix

Our efforts to advance DE&I among our employees,
customers, and communities have been recognizedby national and regional organizations, including:National LGBT Chamberof Commerce
Best-of-the-Best
DiversityInc/Fair 360
Top 50 Companies
for Diversity

Hispanic Association on
Corporate Responsibility (HACR)
Corporate Inclusion Index

Top Companies
for Employee Resource Groups

Employment 5 Stars

2023 Best Places to Work for
Disability Inclusion

Governance 5 Stars

Disability Equality Index (100%)

Top Companies
for LGBTQ Employees

CAREERS & the disABLED
Magazine Disability Top Employer

Top Companies
for People with Disabilities
Top Companies
for Supplier Diversity

College Autism Network
Outstanding Neurodiversity
Workplace Initiative Award

LATINA Style 50 Best Companies
to Work for in the U.S.

Handshake Early Talent Award
Top Places for Gen Z Careers
Military Friendly®
Brand
Company
Employer

Military Times Best for Vets
Employer38

National Asian/Pacific Islander
American Chamber of Commerce& Entrepreneurship Corporate
Champion Award

Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

Women’s Business Enterprise
National Council America’s
Top Corporations for Women’s
Business Enterprises

Linked In Top Companies in the
United States
Top Companies in Financial
Services

Employers: Gold
Spouse Employer
Supplier Diversity Programs

About Wells Fargo

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Serving customers

Appendix
40

Related resources

41

2023 DE&I data/metrics

42

Disclaimer and forward-looking statements

39

Wells Fargo | 2024 Diversity, Equity, and Inclusion Report

Supporting communities

AppendixAbout Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

Appendix

Related resources
Wells Fargo Code of Conduct:

Indigenous Peoples Statement:

Applies to the actions of employees of Wells Fargo & Company.

Includes our commitment to American Indian and Alaskan Native governments,
communities, and Indigenous people to respect their rights to determine their
way of life on their own lands, according to their time-honored cultures, traditions,and beliefs.

Find out more about Wells Fargo’s Code of Conduct (PDF)
Climate Report:
Outlines our strategic direction, ongoing efforts, and progress pertaining
to climate-related risks and opportunities.
Find out more about Wells Fargo’s Climate Report (PDF)
Equal Employment Opportunity and Affirmative Action Policy Statement:
Reflects our obligation to provide equal opportunities for all terms andconditions of employment and to recruit, hire, train, and promote without
regard to any status protected by federal, state, or local laws, and in accordancewith Affirmative Action regulations.
Find out more about Wells Fargo’s Equal Employment Opportunity andAffirmative Action Policy Statement
Human Rights Statement:
Sets forth our commitment to respecting human rights throughout ouroperations, products, and services.
Find out more about Wells Fargo’s Human Rights Statement (PDF)

Find out more about Wells Fargo’s Indigenous Peoples Statement (PDF)
Sustainability and Governance Report:
Details our journey in sustainability and on employee support and corporate
governance, including alignment with the United Nations Sustainable Development
Goals, Sustainability Accounting Standards Board index, and Global Reporting
Initiative index.
Find out more about Wells Fargo’s Sustainability and Governance Report (PDF)
Supplier Code of Conduct:
Sets forth expectations for our suppliers to demonstrate strong values andethical practices.
Find out more about Wells Fargo’s Supplier Code of Conduct (PDF)
Racial Equity Assessment:
Describes the conclusions and recommendations of a third-party racial equity
assessment that reviewed whether our existing policies and procedures are welldesigned to (i) help support our efforts to build and sustain an inclusive workplace;and (ii) identify and address allegations involving harassment and discrimination.
Find out more about Wells Fargo’s Racial Equity Assessment (PDF)

40

Wells Fargo | 2024 Diversity, Equity, and Inclusion ReportAbout Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

Appendix2023 DE&I data/metrics
1(as of December 31, 2023)

At Wells Fargo, we believe in sharing the results of our efforts on our DE&I journey.

Hires and voluntary turnover
2

3

Hires

Voluntary turnover rate

Value

YoY % point
4changeValue

YoY % point
4changeGlobal
Women
Men

50%
50%

-1%
+1%

14%
11%

-4%
-5%

United States
White
Hispanic/Latino
Black or African American
Asian
Two or more races
American Indian/Alaskan Native
Native Hawaiian/Other Pacific Islander

34%
25%
18%
13%
5%
1%
0.4%

-2%
+2%
-4%
+1%
0%
0%
0%

10%
17%
14%
8%
17%
18%
14%

-4%
-5%
-6%
-6%
-5%
-4%
-5%

1

Data is as of December 31, 2023, and includes all active Wells Fargo employees globally counted individually, including in the United States, unless otherwise noted. Employee demographics are based on employee self-identification. Over 99% of employees have self-identified
gender globally. Gender metrics reflect people who are self-identified as either male or female in our enterprise management system. Fewer than 1,000 people have identified as nonbinary or have not self-identified.
Hires are employees who were hired for the first time or rehired from outside of the organization and worked at least one day in the new role; hiring percentages represent the number of external hires in each demographic divided by the total number of external hires in 2023.
3
Voluntary Turnover Rate is calculated as the count of employees who voluntarily left the company in each demographic divided by the rolling 12-month average number of employees of that demographic.
4
Year over year (YoY) percentage point change is calculated as the difference between the current value and the value one year prior.
2

41

Wells Fargo | 2024 Diversity, Equity, and Inclusion ReportAbout Wells Fargo

Engaging colleagues

Serving customers

Supporting communities

Appendix

Disclaimer and forward-looking statements
This document is provided for information purposes only. The information provided in this document reflects Wells Fargo & Company’s (the “Company”) approach to the topics herein as ofAugust 15, 2024, or such earlier date as may be specified. The approach is subject to change in the Company’s sole discretion without notice. The Company does not undertake to update thisdocument, or any information contained in this document, to reflect changes or events that occur after that date. Any goals, targets, commitments, objectives, or other information discussed inthis document are not guarantees of future results, occurrences, performance, or conditions.
This document contains forward-looking statements about our business, including discussion of the Company’s plans, objectives and strategies, and expectations for our operations
and business related to our diversity, equity, and inclusion (“DE&I”) strategies, initiatives, programs, and policies. Because forward-looking statements are based on our current expectations andassumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations.
Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. Factors that could cause actual
results to differ materially from those forward-looking statements described in this document include the precautionary statements and disclaimers included in this report, as well as the following
factors: economic and demographic trends, the state of the job market, competition for talent, consumer and customer behavior and trends, including with respect to homeownership, data
limitations and uncertainty, legislative and regulatory changes, changes in management’s strategy for our aspirational targets, goals, and commitments, and other unforeseen events or conditions.
For additional information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including
the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, and in our subsequent quarterly reports, as filed with the Securities and Exchange
Commission and available on its website at www.sec.gov.¹
While this document describes events, including potential future events, that may be of interest or significance to our stakeholders in the context of our DE&I priorities and related activities, anyreference to terms such as “significant,” “important,” or “material” or similar terms should not be read as necessarily rising to the level of materiality of disclosures required under U.S. federal
securities laws or other laws and regulations.
The Company is not providing any financial, economic, legal, accounting, or tax advice or recommendations. This document should not be used as a basis for trading in the securities of the Company
or for any other investment decision and should not be construed as consisting of investment advice.
This document reflects certain positions and approaches to DE&I as of the date of this document that are subject to change at any time in the Company’s sole discretion without notice, and we do
not undertake to update this document to reflect any such changes.
Wells Fargo’s DE&I goals, targets, commitments, and initiatives are aspirational and purely voluntary, are not binding on the Company’s business, investment decisions, and/or management, may beamended or cancelled at any time, and do not constitute a guarantee or promise of achievement of any such goals, targets, or commitments or regarding actual or potential positive impacts or
outcomes.
This document, and the data contained herein, have not been verified or otherwise assured by an independent third party, and the Company makes no representations or warranties as to the quality,
completeness, accuracy, or fitness for a particular purpose of any data or information in this document and shall not be liable for any use by any party of, for any decision made, or action taken by
any party in reliance upon, or for any inaccuracies or errors in, or omissions from, any data or information in this document. As data availability and quality continue to improve, and as the standards,
methodologies, and approaches used in preparing this document continue to evolve, information we are currently disclosing may need to be changed or restated in the future. The Company does
not undertake any duty to restate or correct data should such information later prove to be incorrect.
This document provides general information regarding a number of the Company’s policies, procedures, and positions relating to DE&I issues. The description of such policies, procedures, andpositions herein does not purport to be complete and such policies, procedures, and positions may contain certain exceptions. Further, there can be no assurance that the Company’s policies,
procedures, and positions relating to DE&I issues will continue; such policies, procedures, and positions, including the initiatives, goals, and targets related thereto, could change, even materially.
The Company may determine in its sole discretion that it is not feasible or practical to implement, comply with, or achieve certain of its policies, procedures, positions, goals, or targets relating to
DE&I issues based on various considerations.
The Company has provided external links within this document for your convenience, but the Company does not endorse and is not responsible for the content, links, privacy policy, or security
policy of these websites. The content of any third-party websites is not in any way included in or incorporated by reference into this document.
All third-party trademarks or brand names are the property of their respective owners. The use of any third-party trademarks or brand names is for informational purposes only and does not implyan
endorsement by the Company or that such trademark owner has authorized Wells Fargo to promote its products or services. The Company disclaims any representations or warranties regarding
the non-infringement of any information contained herein.

1

Wells Fargo does not control this website. Wells Fargo has provided this link for your convenience but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website.

42

Wells Fargo | 2024 Diversity, Equity, and Inclusion ReportWells Fargo & Company
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