Wells Fargo
WFC
Financials
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Wells Fargo provides significant financial services to the fossil fuel industry, a core ancillary function that enables fossil fuel extraction and infrastructure development. Between 2017 and 2021, as much as 22% of the bank's fossil fuel financing activity focused on fracking. The bank remains a leading financier in the broader energy sector, which continues to include conventional fossil fuel projects alongside its support for low-carbon solutions. This ongoing, material provision of capital to fossil fuel operators constitutes a direct and enabling service to the industry.
Wells Fargo has paid billions in fines for systemic misconduct including the 2016 fake accounts scandal (3.5M unauthorized accounts), mortgage lending abuses, and repeated consumer protection violations across multiple regulatory actions.
Research Sources
9 organizations
Related Exclusions
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.