(Reuters) – Wells Fargo & Co said on Wednesday it will narrow the focus of its philanthropy toward three causes including affordable housing and will donate $1 billion to housing over the next few years.
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.
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Wells Fargo, the fourth-largest U.S. bank, has ramped up its charitable giving following a profit boost from tax reform and in the wake of a wide-ranging sales scandal which has badly tarnished its reputation and weighed down its financial performance.
Wells Fargo gave away $444 million to charitable causes last year, potentially positioning it...
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