Wells Fargo & Company (NYSE: WFC) announced a new commercial banking group dedicated to supporting cleantech companies.
Based in Palo Alto, Wells Fargo’s National Cleantech group will offer customized commercial banking products and services to businesses that manufacture, market or develop clean technology products and services, such as solar and wind power, energy and water efficiency, electric and low-emission vehicles, and smart grid applications.
Wells Fargo said the new group will provide financial services and resources dedicated to helping international and domestic companies focused on decreasing the use of fossil fuels, fertilizers, industrial chemicals, and other activities that cause greenhouse gas emissions or other harmful environmental effects.
Wells Fargo also offers investment and insurance services for clean tech businesses and helps municipalities and non-profits invest in energy efficiency.
In October, the company committed to reducing its greenhouse gas emissions 20% by 2018.
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It is as if our economy won’t ever become stable; each time you hear of such things as the unemployment rate going down, it is more often than not followed by news that another company is going out of business or reducing a large number of jobs. The most recent large business to cut jobs is Wells Fargo. They’re removing their finance division entirely.
I found this here: Wells Fargo to shut down Finance Division
This doesn’t indicate that Wells Fargo is struggling, they may just be making a sound financial decision; but I can’t help but question if they’re having issues too. I would rather visit a payday lender right now than Wells Fargo because I do not know how their business is doing if they are making this sort of an alteration.