Wells Fargo Is the First Megabank With an Organizing Union

It’s been a week of interesting workforce decisions at two branches of Wells Fargo in the United States. At the New Mexico branch in Albuquerque, employees have decided to take a historic step — they’ve voted to join a union. In contrast, at the Bethel branch in Alaska, the staff has chosen to withdraw from the same initiative.

Union elections were initially planned at the Bethel branch but are no longer on the table, with the news breaking first via Reuters. No specific reasons were given, but the staff asserted their unwavering principles and voiced a call for change within Wells Fargo.

The move in New Mexico marks a significant milestone, with Wells Fargo becoming the first major U.S. bank to endorse a unionized workforce. Employees at the Albuquerque branch voted in favor of joining the Wells Fargo Workers United, part of the Communications Workers of America, recognizing the importance of a collective voice for the financial services industry.

This is a unique win in the banking sector, an industry typically resistant to unionization, making Wells Fargo the first significant player to achieve this distinction. In response, the bank reaffirmed its commitment to the employees’ right to vote for union representation. Wells Fargo maintains that open communication between its leadership and the employees serves the best interest of the organization.

These events follow a spate of recent tense showdowns between large corporations and their employees over unionization drives. Several of these face-offs have culminated in lucrative pay rises, driving further support toward unionization.

In the buildup to these decisions, Wells Fargo had undertaken measures to alleviate some concerns of its employees, such as enhanced compensation and benefits for lower-wage workers, as well as elevated median base salaries. Furthermore, the bank’s CEO Charlie Scharf highlighted the organization’s right and intent to keep the employees informed during such significant decisions.

The drive toward unionization is not confined to these two branches alone. Staff at Wells Fargo branches in Daytona Beach, Florida, and Atwater, California, are also gearing up for their union elections expected to commence in January. Thus, the Wells Fargo narrative continues to evolve with exciting developments anticipated in the coming weeks.