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 is excluded under financial misconduct for a documented pattern of consumer harm through deceptive practices. The company has faced multiple enforcement actions for opening unauthorized accounts, charging improper fees, and misrepresenting financial products to customers.
Specific evidence linking these practices to climate-related financial misconduct has not yet been gathered for this review. Further investigation into the company's financing of fossil fuel expansion or its management of climate-related financial risks is required to complete this narrative.
Research Sources
9 organizations
Related Exclusions
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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.