Wells Fargo Responds to India COVID-19 Crisis

Rhea-AI Summary

Wells Fargo (NYSE: WFC) has committed over $3 million to support COVID-19 relief efforts in India, focusing on enhancing hospital capacity, providing medical equipment, and supporting healthcare workers. The funding will assist various NGOs in cities like Bengaluru, Hyderabad, and Chennai, aiming for impactful deliveries such as portable hospital units and oxygen concentrators. This initiative adds to the company's global COVID-19 philanthropic contributions totaling $225 million since 2020, emphasizing employee support through enhanced benefits during this crisis.

Positive

• Wells Fargo commits over $3 million for COVID-19 relief in India.
• Funding supports reopening of hospitals and provides critical medical equipment.
• Adds to $225 million COVID-19 philanthropic contributions deployed globally since 2020.

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• None.

As part of its response to the ongoing COVID-19-related humanitarian crisis in India, Wells Fargo & Company (NYSE: WFC) is committing more than $3 million through nongovernmental organizations to increase hospital capacity, supply oxygen concentrators and critical medical equipment, provide emergency transportation, and support health care workers. Wells Fargo has several offices in India, and the company has taken steps throughout the pandemic to help ensure the health and safety of its employees in India and globally through remote work and enhanced benefits.

“It’s been heartbreaking to see the devastating impact of the COVID-19 pandemic in India,” said Bill Daley, Vice Chairman of Public Affairs. “Our priority is to care for our employees and local communities in India. These grants can help nonprofits quickly provide much needed medical equipment and build capacity while providing care for those affected and support for health care professionals tirelessly working to save lives.”

The grants are in addition to $225 million in philanthropic contributions for COVID-19 relief that Wells Fargo has deployed globally since 2020.

Grants will go to United Way agencies in Bengaluru, Hyderabad and Chennai; Nirmaan Organization; Akshay Patra Foundation; Mantra Social Services; and NASSCOM Foundation. Funding will aim to:

• Provide portable hospital annex units with 200 beds
• Deploy oxygen concentrators to hospitals
• Deliver COVID-19 isolation kits for people recovering at home
• Support ICU ambulances to help transport patients to hospitals

Since the beginning of the COVID-19 pandemic, Wells Fargo has continued to provide enhanced benefits and support for its employees. Nearly all Wells Fargo employees in India are currently working remotely, and the company has been covering costs for COVID-19 testing and vaccines, as well as offering enhanced medical insurance coverage, COVID-19-related leave, and time away for vaccines.

“We thank all of our employees across the globe, but especially those in India and the Philippines right now, as they demonstrate a tremendous amount of resiliency and courage during this challenging time, while continuing to care for one another, their communities, our business and our customers,” said Arindam Banerrji, managing director of India and the Philippines.

About Wells Fargo

Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies and small businesses 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 and Investment Management. Wells Fargo ranked No. 30 on Fortune’s 2020 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.

News Release Category: WF-PESG

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FAQ

What is Wells Fargo's commitment to COVID-19 relief in India?

Wells Fargo has committed over $3 million to support COVID-19 relief efforts in India.

How has Wells Fargo supported employees during the pandemic?

Wells Fargo has provided enhanced benefits, including remote work, testing coverage, and COVID-19-related leave.

What organizations benefit from Wells Fargo's COVID-19 grants in India?

The grants will go to United Way agencies, Nirmaan Organization, Akshay Patra Foundation, and others.

How much has Wells Fargo contributed globally for COVID-19 relief?

Wells Fargo has contributed a total of $225 million globally for COVID-19 relief since 2020.

What specific medical equipment will Wells Fargo's funding provide?

The funding will provide oxygen concentrators, hospital annex units, and COVID-19 isolation kits.