Wells Fargo pledges $3.2 million toward economic mobility, racial equity in Charlotte

Danielle Chemtob
·2 min read

Wells Fargo is giving $3.2 million to organizations in Charlotte in an effort to promote economic mobility and racial equity.

Wells Fargo’s CEO, Charlie Scharf, announced the awards at an event Wednesday afternoon at Johnson C. Smith University that also featured Gov. Roy Cooper, U.S. Rep. Alma Adams and Charlotte Mayor Vi Lyles.

In addition to racial equity and economic mobility, the bank said the grants will help support minority-owned businesses and entrepreneurs.

Wells Fargo’s contributions include:

▪ $1 million to JCSU, a historically Black college

▪ $1 million to United Way of Central Carolinas

▪ A $625,000 “Open for Business” grant to Central Piedmont Community College’s Small Business Resource Center

Scharf said the bank is focusing on creating an “inclusive” economic recovery from a pandemic that has disproportionately hit Black and brown communities.

“We do know that the reality is that (the recovery) is not benefiting everyone equally, and the pandemic impacted certain groups more than others,” he said.

Wells Fargo said the donations were announced in part to help celebrate the return of the Wells Fargo Championship. The championship, a PGA tour event, is taking place this week in Charlotte after it was canceled last year due to COVID-19.

The San Francisco-based bank has its largest employment hub in Charlotte, where it employs 27,000 people.

In a press release announcing the donation, JCSU president Clarence Armbrister said the money from Wells Fargo will help provide resources for students majoring in business to prepare them for the workforce, and for student entrepreneurs.

“It is heartbreaking when access to higher education is denied to students who have the academic ability and desire, but lack the financial means to pursue a college degree,” he said in the release. “Gifts like this will change that dynamic and improve the economic mobility of those students.”

Cooper said the pandemic has shined a light on challenges facing communities of color, particular in education, economic mobility, housing and criminal justice.

“We have to use the pain caused by this pandemic to get better in all of these areas,” he said.

Adams, whose district covers most of Charlotte, said historically black colleges and universities face discrimination and are underfunded at the state and national level.

Adams is a graduate of North Carolina A&T State University and a former professor at Bennett College, both HBCUs. She said HBCUs have long been “agents of equity” and opportunities for advancement for many first-generation college students.

“I am a testament to the importance of these institutions,” she said. “For generations, these schools have ensured that African Americans can attain what is owed them: a first-class education.”