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Wells Fargo

Wall Street Bankers Salivate Over Postal Privatization

March 13, 2025 Vishal Shankar, Revolving Door Project. , , , ,
At a Morgan Stanley conference last week, Elon Musk told attendees the federal government should privatize “as much as possible” – and singled out the U.S. Postal Service as a top target. Musk’s comments are the latest in an alarming push from Trump’s team to strip-mine America’s oldest and second-most popular agency (USPS narrowly trails the National Parks Service, another victim of Musk’s austerity chainsaw). Trump – who has long feuded with the Postal Service over mail-in balloting – stated in December he was “looking at” privatizing USPS.

I Saw Firsthand How Excessive CEO Pay Harms Workers And Customers

March 6, 2025 Kieran Cuadras, Inequality.org. , , , ,
"Remember the 2016 “phony accounts” scandal at Wells Fargo? Executives relentlessly pressured employees to meet extreme sales quotas, leading them to create millions of fraudulent accounts without clients’ consent. As these fake accounts grew, the CEO of Wells Fargo at the time, John Stumpf, raked in bigger and bigger bonuses. After the scandal blew up, regulators hit Stumpf with fines totalling $20 million — only a small dent in the estimated $130 million he walked away with in compensation when he resigned. This is just one of countless stories of CEOs taking reckless actions to pump up their own paychecks while putting their employees and the general public at risk.

Six Of The Largest US Banks Leave Net Zero Alliance Ahead Of Trump

January 9, 2025 Cristen Hemingway Jaynes, EcoWatch. , , , , , , , , ,
Six of the largest banks in the United States have bowed out of the global Net Zero Banking Alliance (NZBA), with the inauguration of Donald Trump predicted to bring political backlash concerning climate action, reported The Guardian. The latest to withdraw is JP Morgan, which followed Citigroup and Bank of America. Morgan Stanley, Goldman Sachs and Wells Fargo have also left the United Nations-sponsored NZBA since the beginning of December. “JPMC is ending our membership in the Net Zero Banking Alliance (NZBA). We will continue to work independently to advance the interests of our Firm, our shareholders and our clients and remain focused on pragmatic solutions to help further low-carbon technologies while advancing energy security.

Amazon, Wells Fargo Targeted On Day Of Action For Palestine

April 16, 2024 Niko Georgiades, Unicorn Riot. , , , , , ,
Maple Grove, MN — Pro-Palestine activists blockaded an Amazon distribution center in the northwestern Minneapolis suburb of Maple Grove as part of A15 Action, a global day of action against Israel’s war on Gaza. In a separate action in the Twin Cities, a Wells Fargo Bank branch in South Minneapolis was vandalized and had its windows broken. Starting at 7 a.m. on April 15, dozens of activists blocked all distribution from the Maple Grove Amazon facility for more than two hours, delaying an estimated 100-plus shipping trucks. Four different elements made up the blockade and protest with all four deploying simultaneously.

Actions Against Mountain Valley Pipeline During Days Of Solidarity

February 5, 2024 Appalachians Against Pipelines, Popular Resistance. , , , , ,
Beginning on January 29, people across Turtle Island rose up to oppose and fight back against the Mountain Valley Pipeline and its funders, investors, contractors, and collaborators. Folks around the country took autonomous action, organized in their communities, and showed solidarity with pipeline resistance, as well as with comrades facing state repression in Atlanta, and with the people of Palestine.  In the days that followed, organizers stood in solidarity with MVP resistance from hundreds of miles away, rallying outside of the offices of EQT and PNC bank in Pittsburgh, outside of Washington Gas (WGL) in D.C., and outside of Bank of America in Charlotte, and Wells Fargo in San Francisco, Blacksburg, Richmond, and other locations.

Wells Fargo Workers At Two Branches Move To Unionize

November 22, 2023 Niket Nishant and Reuters, Portside. , , , , ,
Wells Fargo employees at two of the bank’s branches filed for union elections on Monday, laying the groundwork for potential unionization in an industry that has largely been immune to such labor campaigns. In a petition to the National Labor Relations Board (NLRB), bankers and tellers at Wells Fargo branches in Albuquerque, New Mexico and Bethel, Alaska declared their intent to join the Communications Workers of America’s Wells Fargo Workers United (WFWU). Labor action in the United States has picked up pace this year, with unions confronting companies across industries like automotive, entertainment and aerospace.

Internal Wells Fargo Document Reveals Angst Over Union ‘Resurgence’

April 19, 2023 Josh Eidelson, Portside. , , , ,
Wells Fargo & Co. leaders are privately expressing increased concern that a years-long effort to unionize the bank’s employees could soon start notching victories — and have made plans to spend millions addressing the “pain points” that can fuel organizing efforts. The lender has seen “an increase in organizing activity” by employees working with the Communications Workers of America, according to an internal PowerPoint presentation viewed by Bloomberg News. That comes amid what it called a broader “resurgence” of US union activity. “Public approval of unions has increased,” the document reads. “And a new generation of employees with activist experience successfully unionized parts of major companies with no prior history of unionization.”

Climate Activists Occupy Wells Fargo Global Headquarters

April 26, 2022 Diablo Rising Tide, Popular Resistance. , , ,
San Francisco — On the eve of Wells Fargo Bank’s annual shareholders’ meeting, 19 climate activists were arrested inside the bank's headquarters demanding that it stop lending billions annually to the oil and gas industry, whose products are propelling the planet towards disaster. Wells is the world’s second largest fossil fuel banker—second only to JPMorgan Chase—financing $46 billion last year out of a total $742 billion in financing made to the energy sector. The bank far outstripped its rivals by raising its industry financing total by $20 billion from 2020 levels, according to new research by a consortium of organizations including Rainforest Action Network. “Wells Fargo is the poster child of climate profiteering,” says Alison Kirsch, policy and research manager of RAN’s climate and energy program.

Wells Fargo Announces Ban On Financing Arctic Oil And Gas Drilling

March 8, 2020 Ashley Curtin, Nation of Change. , , ,
The world’s top bank to finance fracked oil and gas will no longer fund for oil and gas projects in the Arctic. Wells Fargo recently updated its environment policy to prohibit Arctic drilling and now joins Goldman Sachs and JPMorgan Chase along with several other global banks. The bank supports the “principles of the Paris Agreement” and believes that “policy action is essential to make meaningful progress against the Agreement’s goal,” therefore will “forego participation in any project-specific transaction in the region,” including the Arctic National Wildlife Refuge, the policy stated. “Wells Fargo’s decision to rule out funding for Arctic drilling is clear evidence that investing in the destruction of the Arctic Refuge would be toxic to any company involved,” Ben Cushing, Sierra Club campaign representative, said.

Regulators Finally Crack Down On Wells Fargo

February 10, 2020 Phil Mattera, Dcreport.org , ,
It took three years but a leading U.S. regulator finally got tough with probably the most lawless large U.S. financial institution. The Office of the Comptroller of the Currency, an arm of the Treasury Department, recently took action against a former chief executive of Wells Fargo. The action was in connection with the scandal in which the bank pressured employees to create bogus accounts to extract millions in fees from unsuspecting customers.

Wells Fargo Blockaded, Demanding Divestment From Tar Sands

November 14, 2017 Alex Cohen, www.PopularResistance.org , , , ,
By Alex Cohen, for Earth Defense Coalition. On November 14, 2017, five water protectors took action in solidarity with front line Indigenous resistance efforts at Camp Makwa to stop the construction of the Enbridge Line 3 tar sands pipeline in Minnesota. The activists locked down to each other and used their bodies to disrupt business as usual at Wells Fargo, one of the major financial players behind this genocidal, extractive fossil fuel project. Wells Fargo has 743 million invested into Enbridge who is responsible for Tar Sands and the Line 3 pipeline threatening and ravaging through Indigenous lands, water, wild rice, and sovereignty in Minnesota. This action is one of hundreds taking place across the globe to call for divestment from financial institutions invested in the destructive fossil fuel industry.

Activists Paint Anti-Pipeline Mural Outside Wells Fargo

November 10, 2017 Nuala Sawyer, earthfirstjournal.org , , ,
By Nuala Sawyer of Earth First - The Wells Fargo and Co. headquarters at 420 Montgomery St. had a colorful awakening Monday afternoon, as hundreds of activists armed with paint created a large mural on the pavement outside. The group successfully shut the street down around noon, and in the span of about two hours, painted a 35-foot blue and black “thunderbird woman” on the asphalt, with “Water is Life!” emblazoned across the top. “It was kind of a collaboration between a whole bunch of people,” Northern Ontario-based artist Isaac Murdoch tells SF Weekly. “We’ve talked about coming down to the area for a while, so we put some feelers out.” Those feelers resulted in collaborations between Bay Area group Idle No More, 350.org, and members of Greenpeace. Someone loaned Murdoch and his crew a warehouse to make their stencil, and “it came together quite easily,” he says. Murdoch and arts collective Onaman have done their fair share of art around the country, in Standing Rock and at other locations, but this was the first piece they’d painted on the street. And they had lots, and lots, of help. Around 200 people turned out for the event — more than Murdoch had anticipated. “It was the people that made this really beautiful. We were just this one big family — even just for an hour and a half. It’s really really cool. It was all sorts of people, all different kinds. We were singing songs, we were so glad to be there. It was phenomenal.”

Wells Fargo’s Lyin’ Cheatin’ Ways: A Sociopathic Institution

August 14, 2017 Lainey Hashorva, www.occupy.com , , ,
By Lainey Hashorva for Occupy - Are you facing serial cheating, abuse, lies, ongoing stress about money, issues of fidelity, questions about your future and are at a loss as to where to turn? Do you often feel angry, taken advantage of, less than, a voiceless victim? Did you put your trust and your nest egg, your faith and your money on someone or something that took you for all you’re worth, jilted your faith in the institution and robbed you blind? Deep down, do you think you may be going steady with a good looking grifter? I hate to tell you this, but you may be banking with a sociopath. That’s right. That harmless tall handsome stone wall that promises you the world, smiles at you shamelessly through bulletproof glass and marble floors, black suits and lollipops, is a sociopathic lover out to take all that you hold dear. All that you’ve put your faith, and money, into. This is not fifty shades of gray. It is now clearly black and white. Do you still bank with Wells Fargo? Can we talk? Maybe you have a thing for bad boys? Fast talking flashy – “Here’s a new credit card, baby,” Scaramucci-style pinky ring?

Herndon Protestors Let Wells Fargo Know They Oppose Keystone XL

July 19, 2017 Katherine Berko, www.restonnow.com , , ,
By Katherine Berko for Reston Now - A group of people went to Wells Fargo bank on Elden Street in Herndon on Saturday with no intention of withdrawing money. Instead, they held up signs and yelled chants, calling out the bank for its support of the Keystone XL Pipeline. The climate justice group 350 Fairfax protested July 8, which pipeline opposition group Protect & Divest had designated as an International Protect and Divest Day of Action. The day’s protests were meant to sway banks, such as Wells Fargo, from funding the Keystone XL Pipeline and other environmentally unfriendly projects such as Virginia’s Atlantic Coast pipeline. The 1,179-mile Keystone XL Pipeline, when completed, will run from Alberta to Nebraska and will transport up to 830,000 barrels of oil per day. There is an existing pipeline in the region, but Keystone XL will deliver the oil in a more direct route. It has caused controversy as some people see the pipeline as beneficial because it will create many construction jobs and bolster the nation’s economy. Additionally, if the pipeline is not built, the fear is other companies will transport the same oil but in riskier ways, such as via rail service. However, groups like 350 Fairfax fear for the environmental impact the pipeline’s construction may have.

Entire Cities Are Cutting Ties With Wells Fargo For Its Support Of Dakota Pipeline

June 14, 2017 Ilana Novick, www.alternet.org , , ,
By Ilana Novick for AlterNet - Conservatives have long had a monopoly on the love of states' rights and local government, but in Trump's America, it's the left that has seized the opportunities of what Supreme Court Justice Louis Brandeis called "laboratories of democracy." Even as the Dakota Access Pipeline inches toward completion, multiple cities including Seattle, San Francisco, Albuquerque, Raleigh, and Philadelphia have spoken with their wallets, severing ties with the oil pipeline-funding banks—in particular, Wells Fargo. On May 31, New York City became the latest city to join the effort, when Mayor Bill de Blasio and comptroller Scott Stringer announced that they will vote to stop New York City from entering into new contracts with Wells Fargo and strip the bank of its role as book-running manager for NYC's General Obligation and Transitional Finance Authority bond sales. Seattle was at the forefront of the movement back in February, when a coalition of activists convinced the city council to pass an ordinance that, as the Nation explained, "would effectively bar the local government from doing business with or investing in Wells Fargo in the future.
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