On Wednesday, Wells Fargo & Company (WFC) and United Way Worldwide entered into an agreement to offer multi-year financial counseling to low- and moderate-income (LMI) households. This five-year partnership agreement is worth $5 million.
United Way Worldwide is the guide and support for non-profit organizations with the network of about 1,800 community-based United Ways in 45 countries and territories. The organization works for the welfare of the society by creating opportunities for the betterment of people. It focuses on improving their education, income, health and living conditions.
As per terms of the deal, community-based groups, which are present in Wells Fargo’s pivotal markets, will provide help to the LMI households. The groups would provide financial education to people and conduct trainings on how to carefully and efficiently use the financial products offered by them.
The partnership aims to resolve the problems faced by LMI households on a day-to-day basis. These companies intend to help these people by providing access to education and resources, so that they can meet their monthly expenses and fulfill the needs of their family.
United Way Worldwide works under local volunteers and professional leadership. In communities all over the world, United Ways helps local leaders to determine the needs and create policies for individuals and families. Through such strategies, the individuals come across economic and individual success with the help of educational accomplishment, income steadiness and healthy lives.
Initially, United Way along with Wells Fargo would select three to six local United Ways as the leaders of Wells Fargo Financial Capability Network. Further, they would work together to form network stating standards to gain success and contribute local innovative ideas.
Moreover, once the local United Ways are identified, the local groups will ascertain the organizational performance and set quality standards for managing and delivering the services. Further, based on the fundamentals laid by the anchor groups, expansion of network will take place every year.
Through this campaign with Wells Fargo, United Way is trying to bring financial stability and improvements in the lives of individuals and families in the U.S. Moreover, Wells Fargo’s collaboration will help United Way to assist more people in more communities all over the country.
Shares of Wells Fargo currently retain a Zacks #3 Rank, which translates into a short-term Hold rating. Among Wells Fargo’s peers, Citigroup Inc. (C) also retains a Zacks #3 Rank.
CITIGROUP INC (C): Free Stock Analysis Report
WELLS FARGO-NEW (WFC): Free Stock Analysis Report
To read this article on Zacks.com click here.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
Be the first to comment