Since 1852, Wells Fargo & Company has dedicated itself to helping customers build businesses and manage money in a rapidly changing world. Today, Wells Fargo is a leading financial services company with approximately $1.9 trillion in assets. In the U.S., it serves one in three households and more than 10% of small businesses, and is a leading middle-market banking provider. Wells Fargo works to create positive social impact in the communities it serves by supporting housing affordability, small business growth, financial health and a low-carbon economy.
Wells Fargo continued commitment to sustaining and growing diverse suppliers is evident from the increase in money spent with diverse suppliers and the expanded community reach as it works to support economic empowerment. Wells Fargo has increased its annual spending with diverse suppliers from $732 million in 2012 to over $1.3 billion in 2021, representing 13% of its total controllable spending. The company is working to ensure its suppliers are representative of the communities it serves. In 2021, Wells Fargo marked its eighth consecutive year of spending more than $1 billion with certified diverse suppliers. These financial milestones are the product of targeted initiatives that it has implemented to expand its diverse spend growth. One of those initiatives is the Diverse Asset Managers Initiative, which is a multi-year plan to invest its own assets with women asset managers and those from underrepresented racial and ethnic backgrounds.
Another way the company deepens its vendor relationships is by building capacity and expertise with high-potential diverse suppliers. Wells Fargo’s capacity-building programs give its suppliers access to a broad range of tools and resources. Through specialized workshops and seminars, it works with them on enhancing their business plans, increasing their ability to define and communicate their strategic direction, retooling their competitive position and strengthening the effectiveness of their communications strategies. One of Wells Fargo’s most successful capacity-building programs is the Bunker Labs Breaking Barriers Workshop Series, created to facilitate business growth and support within Asian, Asian American, Black, African American, Hispanic, Latino, and women veteran and military spouse communities. In just eight weeks, these entrepreneurs get the business tools, resources, capital opportunities and mentorship needed to help expand their businesses. The Bunker Labs Breaking Barriers Workshop Series demonstrates how investing in diverse suppliers with significant funds and meaningful programming can facilitate both business growth and social change.