by Stop Banking on Apartheid
San Francisco, California, United States
February 1978
1 page
Type: Leaflet
Coverage in Africa: South Africa
Coverage outside Africa: United States
Language: English

The leaflet says Wells Fargo & Company has become the eleventh largest bank in the U.S.  The bank, led by President Richard C. Cooley, performed better in 1977 than almost all of the top 20 U.S. bank holding companies. Wells Fargo has increased its loans to South Africa in the last years. In 1973, Wells Fargo had $2 million in loans to the government of South Africa, made through the Luxemburg branch that were approved only under the condition that they remain secret. However, information on these loans was leaked. Wells Fargo serves as the investment manager for funds from many corporations; the largest 10 stock holdings (in market value) are in IBM, General Motors, Proctor & Gamble, Caterpillar Tractor, Standard Oil of California, Stauffer Chemical and Eastman Kodak. Some members of Wells Fargo’s Board of Directors also serve on the Boards of PPG Industries, Hewlett-Packard Company, GM, and other companies. Wells Fargo’s main international interests has traditionally focused on Latin America. The leaflet mentions the bank’s Corporate Responsibility Committee, redlining, Oakland community organizations, the Affirmative Action Program, Low-Income Consumer Loans, Minority Business Loans, Student Loans, and Stanford University and its School of Business. [Note: It is not certain this leaflet was produced by Stop Banking on Apartheid but most likely it was.]

Used by permission of former members of Stop Banking on Apartheid.
Collection: Miloanne Hecathorn papers