Wells Fargo to donate $175 million for coronavirus relief
Wells Fargo will donate $175 million to help communities deal with the COVID-19 pandemic, the bank said Friday. The contributions will focus on housing stability, small business and financial health.
“The coronavirus is disrupting the daily lives of many people around the world, and Wells Fargo has taken — and will continue to take — the steps needed to support our customers, employees and communities during this difficult time,” CEO Charlie Scharf said in a statement.
Donations will be made through an expedited grant-making process, the bank said. While most have yet to be made, the bank announced that it would give a $1 million grant to Feeding America.
The bank also announced a slate of services for customers facing economic hardship from pandemic. Like many other institutions, it’s offering fee waivers and payment deferrals for customers, and the bank is suspending evictions and auto repossessions.
It’s the latest large donation from a financial institution with a major presence in Charlotte. Earlier this week, Bank of America announced it was donating $100 million to coronavirus relief, while Truist pledged $25 million. Wells Fargo, while headquartered in San Francisco, has 27,000 workers in the Charlotte area, the most of any city the bank is in.
