Wells Fargo’s relationship with NRA is ‘declining’: CEO
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FILE PHOTO: Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon
(Reuters) – Wells Fargo & Co’s (WFC.N) relationship with the National Rifle Association (NRA) is “declining,” Chief Executive Charles Scharf told investors on Tuesday.
“I don’t think we participate any longer in the organization’s line of credit and mortgage loan commitments,” Scharf said at Wells Fargo’s annual shareholder meeting, adding that the bank’s exposure to the firearms lobbying group was minimal.
Wells Fargo, the fourth-largest U.S. bank, has been quietly winding down its relationship with the NRA for nearly two years, a bank spokesman said. But Tuesday’s comments marked a change in tone at the San Francisco-based lender, which has been known as one of the largest financiers of the firearms sector, even as other large bank rivals backed away.