Wells Fargo to Commission Third-Party Racial Equity Audit

Next step in company’s ongoing efforts to support diversity, equity, and inclusion

Wells Fargo & Company (NYSE: WFC) announced today that it will commission an external, third-party racial equity audit. The assessment will include input from both internal and external stakeholders and focus on elements of Wells Fargo’s efforts to serve diverse communities and promote a diverse workforce.

“Commissioning this work is a critical next step in reinforcing our commitment to racial equity and closing the wealth gap in this country,” said Chief Executive Officer, Charlie Scharf. “DE&I is an imperative at Wells Fargo, and we consistently strive to measure our progress and hold ourselves accountable. This important work will build on our efforts to lead in all aspects of DE&I in our company and in the communities we serve.”

The assessment will be conducted by Covington & Burling LLP, a nationally recognized law firm with deep experience leading civil rights and racial equity audits across various industries. The company plans to publish the results of the assessment by the end of 2023.

Some of the actions taken by the company in support of its commitment to racial justice and DE&I, include:

• Small business recovery: Wells Fargo’s roughly $420 million Open for Business Fund has provided more than 200 community development financial institutions and other nonprofits with resources to help a projected 152,000 small business owners. Grantees estimate 85% of those served will be racially or ethnically diverse.
• Scholarships for diverse students: Wells Fargo has provided $107 million in scholarships and programming to help diverse students at 25 historically Black colleges and universities and other minority-serving institutions realize their dreams of attending college.

• $50 million to 13 Black-owned banks: Wells Fargo invested in 13 Black- and African American-owned banks that play a critical role in many communities where residents have little to no access to a bank account or capital.
• $2 billion Inclusive Communities Climate Bond: Wells Fargo engaged 24 diverse broker-dealers to issue its second sustainability bond supporting housing affordability, economic opportunity, renewable energy, and clean transportation.

• Employee hiring and advancement: 45% of our U.S. employees are racially and ethnically diverse, as of December 2021. Approximately 9% of our U.S. executives, defined as 1 to 3 levels from the CEO, are Black/African American, as of December 2021, up from 5.8% in December 2020.

More information about DE&I at Wells Fargo is available in our 2022 DE&I Report.

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.

News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo

Cautionary Statement About Forward-Looking Statements

This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions 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. For 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, 2021, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.

News Release Category: WF-DI

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