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Wells Fargo and T.D. Jakes Group Announce Ten-Year Strategic Partnership to Build Inclusive Communities
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags
partnership
Rhea-AI Summary
Wells Fargo (NYSE: WFC) has partnered with T.D. Jakes Group, which comprises various entities, to enhance economic vitality and inclusivity in U.S. communities. Over ten years, this partnership could yield up to $1 billion in capital and financing from Wells Fargo, alongside grants aimed at revitalizing neighborhoods and fostering economic opportunities. This pioneering collaboration focuses on addressing systemic inequalities and aims to create long-term community benefits. One of the first projects supported will be the redevelopment of Fort McPherson in Atlanta, emphasizing mixed-income housing and community services. The partnership not only seeks to increase homeownership but also aims to empower underserved communities through a variety of initiatives, including financial education.
Positive
Potential to generate up to $1 billion in financing over 10 years.
Focus on revitalizing neighborhoods and promoting economic opportunity.
Collaboration targets systemic inequalities and aims for long-term change.
Negative
None.
SAN FRANCISCO--(BUSINESS WIRE)--
Wells Fargo & Company (NYSE: WFC) and the T.D. Jakes Group, which includes T.D. Jakes Real Estate Ventures, LLC (TDJREV), TDJ Enterprises (TDJE) and T.D. Jakes Foundation (TDJF), today announced a strategic partnership to drive economic vitality and inclusivity in communities across America. Over the next 10 years, the partnership between these organizations could result in up to $1 billion in capital and financing from Wells Fargo, as well as grants from the Wells Fargo Foundation, with the goal of revitalizing neighborhoods, fostering economic opportunity and creating long-term change in communities most in need. The partnership marks the first of its kind in driving long-term transformational impact over the next decade.
Wells Fargo (Photo: Wells Fargo)
“We are excited to collaborate with the T.D. Jakes Group as they play a key role in the transformation of communities that will have a lasting impact for generations to come,” said Charlie Scharf, CEO of Wells Fargo. “This strategic partnership goes beyond a one-off capital investment and underscores our continued commitment to diverse and inclusive communities. We look forward to seeing the meaningful difference we’ll make together in communities across the country.”
"This alliance with our organization allows us to further our four decades-long work to provide economic justice, eradicate food deserts, construct desirable workplaces and affordable housing, closing the digital divide and ultimately help families leave a rich and lasting legacy for the next generation," remarked T.D. Jakes, Chairman & CEO of the T.D. Jakes Group. "We recognize the need for CEOs like Charlie Scharf bending the arc and aim of Wells Fargo toward correcting systemic inequalities. We are committed to ensuring additional opportunities actually reach as many areas of need that we can influence. Disruptive partnerships like this create a paradigm shift in how we can collectively bring long overdue transformation, particularly to Black and Brown communities and other marginalized groups around our nation."
In 2022, TDJREV began purchasing nearly 100 acres of Fort McPherson, the historic former army base situated in enviable proximity to downtown Atlanta with plans to create an innovative community of commercial and residential space. The plans for this land include mixed-income housing with an array of living choices such as single-family homes, townhomes and apartments positioned in well-designed neighborhoods with ample amenities aimed at enhancing the quality of life through healthy food choices, healthcare options and other wraparound services. One of the first prominent projects that Wells Fargo intends to support as a financial partner is the revitalization of the Fort McPherson property, with the vision of aiding TDJREV in developing the area into an inclusive neighborhood equipped with ample green space, a bike path, recreation centers, impacting the Historic Business and Cultural districts at Fort McPherson.
The Wells Fargo Foundation and T.D. Jakes Foundation also expect to provide financial empowerment education and revitalize neighborhoods in underserved low-and moderate-income communities by increasing homeownership and fostering business creation in several cities including Atlanta, Chicago and Dallas.
Charlie Scharf will join T.D. Jakes on stage on May 5, during Jakes’ International Leadership Summit in Orlando, Florida, for a conversation about this unique partnership and other topics. There is a press registration link for media who want to attend in person or virtually.
Wells Fargo - A Builder of Communities
Wells Fargo has been a leader in the development of and investment in affordable housing across the nation. Since 2016, the Company has held the position of the top Fannie Mae DUS® Affordable Housing Lender. Coming out of the pandemic over the last two years, (2021 and 2022), the Company closed $10 billionin financing through its Community Lending and Investment (CLI) group and $5.7 billion in financing through its Multifamily Capital (MFC) group directed towards affordable housing and community development. In addition, the Company provides LIHTC investments and has a portfolio of approximately 1500 transactions with a book value of $12.2 billion. Further, in March of 2020, the Company made a $50 million investment in Minority Depository Institutions (MDI’s); the pledge included advisory services to help these important local institutions to flourish. As of the end of 2021, all 15 institutions received their investment. Wells Fargo has donated more than $525 million to support housing affordability solutions for individuals and families (2019-2022).
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
About The T.D. Jakes Group
The T.D. Jakes Group is a global conglomerate that’s worked for more than four decades at the intersection of mission, ministry and marketplace to solve society’s problems through strategic alliances creating equity and providing solutions for underrepresented and underserved communities. The organization’s four pillars operate globally: T.D. Jakes Enterprises is a civil rights award-winning social impact holding company reaching millions through entrepreneurial training, minority business accelerator initiatives and trailblazing representation in streaming unscripted series, film, music and publishing that has grossed over $500 million worldwide through original entertainment content; T.D. Jakes Foundation is building bridges by unlocking the power of global competition through workforce training that prepares workers to compete in today’s economy through STEM/STEAM education, financial literacy and inclusion, and a laser focus to close the racial wealth gap and support minority women in corporate leadership; T.D. Jakes Real Estate Ventures is actively developing sustainable communities with a focus on economic development, eradicating food deserts and opening doors for home ownership and wealth building where none existed before.; T.D. Jakes Ministries is a faith-based international organization who’s inspiring content is translated to over 90 languages each week, and whose returning citizen advocacy work has helped over 30,000 individuals create lasting, generational change.
Learn how the T.D. Jakes Group is creating a more equitable society through innovative concepts and disruptive partnerships by visiting tdjakes.org/newsroom.
Cautionary Statement About Forward-Looking Statements
This release contains forward-looking statements about our future 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.
What is the partnership between Wells Fargo and T.D. Jakes Group about?
Wells Fargo and T.D. Jakes Group are collaborating to drive economic vitality and inclusivity in communities across America, potentially generating up to $1 billion in capital and financing.
How will the partnership with T.D. Jakes Group impact communities?
The partnership aims to revitalize neighborhoods, enhance economic opportunities, and address systemic inequalities, particularly in underserved areas.
What specific projects are included in the Wells Fargo and T.D. Jakes Group partnership?
One key project is the redevelopment of Fort McPherson in Atlanta, focusing on mixed-income housing and community services.
What is Wells Fargo's commitment regarding the partnership?
Wells Fargo is committed to long-term transformational impact, promoting economic inclusivity and supporting various community development initiatives.
When was the partnership between Wells Fargo and T.D. Jakes Group announced?
The partnership was announced recently, with plans rolling out over the next decade.
