Banking on Philanthropy: Impact of Bank Mergers on Charitable Giving
Source: National Committee for Responsive Philanthropy
From press release:

Although many in the nonprofit community expect bank mergers to result in significant decreases in charitable giving, the National Committee for Responsive Philanthropy’s (NCRP) recent report, Banking on Philanthropy: Impact of Bank Mergers on Charitable Giving, concludes otherwise. Philanthropy dollars of seven major financial institutions have actually quadrupled since the late-1980s following a wave of national bank mergers.

The report examines giving levels of Bank of America, Citigroup, JPMorgan Chase, SunTrust, Wachovia, Washington Mutual and Wells Fargo, comparing them to levels prior to their mergers.
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NCRP found that bank philanthropy grew dramatically during a period of consolidation in the banking industry. In the late-1980s, total annual giving for the bank “constellations” studied was around $100 million, growing exponentially to more than $400 million annually by 2001.

As competition increased among a handful of national banks, executives embraced philanthropy as a means for attracting and retaining more business and employees. Community advocates and a robust philanthropic culture in one or both banks prior to a merger or acquisition also helped to boost charitable giving programs after the merger.

+ Executive Summary (PDF; 23 KB)
+ Full Report (PDF; 800 KB)
+ Findings and Recommendations (PDF; 54 KB)
+ For Community Advocates (PDF; 264 KB)
+ For Bank Staff (PDF; 252 KB)

This entry was posted on Saturday, June 30th, 2007 at 10:22 am and is filed under Business and economics, Nonprofits. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.