Wells Fargo to donate $1 billion toward affordable housing by 2025 by MoiseNoise
A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith
The San Francisco-based bank named Brandee McHale to be the new head of the Wells Fargo Foundation which will be focused on addressing housing affordability, improving financial literacy and growing small businesses. McHale joins the bank from Citigroup Inc and replaces Jon Campbell whose retirement was previously announced.
Wells Fargo gave away $444 million to charitable causes last year, potentially positioning it as the top corporate cash giver in the country. The bank has pledged to donate 2% of its after-tax profit annually.
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