Wells Fargo & Company and the T.D. Jakes Group, which includes T.D. Jakes Real Estate Ventures, LLC (TDJREV), TDJ Enterprises (TDJE) and T.D. Jakes Foundation (TDJF), announced a strategic partnership to drive economic vitality and inclusivity in communities across America.
Over the next 10 years, the partnership between these organizations could result in up to $1 billion in capital and financing from Wells Fargo, as well as grants from the Wells Fargo Foundation, with the goal of revitalizing neighborhoods, fostering economic opportunity and creating long-term change in communities most in need. The partnership marks the first of its kind in driving long-term transformational impact over the next decade.
Wells Fargo has been plagued with scandal dating back to the subprime mortgage collapse in the late 2000s and employees fraudulently opening bank accounts without customer’s permission.
In Los Angeles, there have been efforts to boycott local Wells Fargo and other local bank branches due to their role in gentrifying minority communities.
“We are excited to collaborate with the T.D. Jakes Group as they play a key role in the transformation of communities that will have a lasting impact for generations to come,” said Charlie Scharf, CEO of Wells Fargo. “This strategic partnership goes beyond a one-off capital investment and underscores our continued commitment to diverse and inclusive communities. We look forward to seeing the meaningful difference we’ll make together in communities across the country.”
In 2022, TDJREV began purchasing nearly 100 acres of Fort McPherson, the historic former army base situated in enviable proximity to downtown Atlanta with plans to create an innovative community of commercial and residential space. The plans for this land include mixed-income housing with an array of living choices such as single-family homes, townhomes and apartments positioned in well-designed neighborhoods with ample amenities aimed at enhancing the quality of life through healthy food choices, healthcare options and other wraparound services. One of the first prominent projects that Wells Fargo intends to support as a financial partner is the revitalization of the Fort McPherson property, with the vision of aiding TDJREV in developing the area into an inclusive neighborhood equipped with ample green space, a bike path, recreation centers, impacting the Historic Business and Cultural districts at Fort McPherson.
“This alliance with our organization allows us to further our four decades-long work to provide economic justice, eradicate food deserts, construct desirable workplaces and affordable housing, closing the digital divide and ultimately help families leave a rich and lasting legacy for the next generation,” remarked T.D. Jakes, Chairman & CEO of the T.D. Jakes Group. “We recognize the need for CEOs like Charlie Scharf bending the arc and aim of Wells Fargo toward correcting systemic inequalities. We are committed to ensuring additional opportunities actually reach as many areas of need that we can influence. Disruptive partnerships like this create a paradigm shift in how we can collectively bring long overdue transformation, particularly to Black and Brown communities and other marginalized groups around our nation.”
