Wells Fargo & Co. (NYSE: WFC) gave a $500,000 gift to Washington University in St. Louis, IL to fund scholarships and internships for undergraduate business school students, Bloomberg reported.
The majority of the gift ($400,000) will fund annual scholarships called the “Wells Fargo Scholars” award, which will be given to six promising sophomores whose academic studies align with the economic development priorities of the St. Louis Regional Chamber and Growth Association. To be eligible for the award, students must maintain a high GPA and preference will be given to students from underserved communities, the university said.
The rest of the gift ($100,000) will be designated for five summer internships at Wells Fargo to business students that demonstrate an interest in entrepreneurship and have completed their sophomore year.
Wells Fargo & Company is a diversified financial services company. The Company provides retail, commercial and corporate banking services through banking stores located in 39 states and the District of Columbia. It provides other financial services, through subsidiaries engaged in various businesses, principally wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, insurance agency and brokerage services, computer and data processing services, trust services, investment advisory services, mortgage-backed securities servicing and venture capital investment. The Company operates in three segments: Community Banking, Wholesale Banking, and Wealth, Brokerage and Retirement. As of December 31, 2009, the Company provided banking, insurance, investments, mortgage and consumer finance from more than 10,000 stores under various types of ownership and leasehold agreements.
Shares of Wells Fargo opened down 2.34% on Wednesday hitting $27.11.
