Wells Fargo ranked No. 32 on the Fair360, formerly DiversityInc Top 50 Companies for Diversity list in 2023.
Wells Fargo is planning to donate up to $60 million to support a national expansion of Concordance, a nonprofit aiming to reduce repeat criminal offenses from individuals returning to the community.
The funding will help advance the financial health and stability of Concordance participants. The donation will also help accelerate plans to open 40 new “healing first” centers nationwide over the next eight years.
“Wells Fargo is committed to strengthening underserved communities and building a more inclusive economy,” said Charles Scharf, CEO of Wells Fargo. “Concordance’s mission of helping people build a new life and learn lasting financial skills aligns well with our desire to have a positive community impact.”
More than one million individuals are held in state penitentiaries. Of those individuals, 71% will be re-arrested within a three‑to‑five‑year period after committing additional offenses and will be imprisoned on average seven times in their lifetimes.
Concordance’s 18-month re-entry program begins prior to release from prison and addresses the root causes of reincarceration through mental and behavioral health treatment, substance use treatment, education and job training, and more. With Wells Fargo’s support, individuals are also educated and counseled on financial wellbeing.
“Our evidence‑based model breaks the generational cycle of crime, transforms communities, and changes racial equity for the better,” said Danny Ludeman, chairman and CEO of Concordance. “It’s a holistic program that provides a structured pathway for successful re‑entry into society and lowers crime and reincarceration rates in the process.”