We’re Going After Wells Fargo—Here’s Why
Since the Trump regime took power, corporations have been lining up to bend the knee—but no bank has done so as dramatically as Wells Fargo. So, on Friday August 15, we’re taking action to hold the bank accountable. Here’s why and how you can get involved.
Just weeks after the inauguration, Wells Fargo became the only major U.S. bank to completely abandon its 2030 and 2050 climate goals, despite warnings from experts that we are headed toward catastrophic climate harms. The timing was not a coincidence.
Investigative reporting from Rolling Stone caught members of the Texas attorney general’s office boasting about how they had “bullied” Wells Fargo into dropping some of its climate commitments. The officials threatened to pull lucrative business from the bank and even pursue litigation if Wells Fargo did not comply with their pro-fossil-fuel agenda. So comply, it did.
In the same week, the bank ended a policy requiring diversity in senior-level hiring, despite its record of systematic racial discrimination against job candidates. Wells Fargo has long come under fire for racist practices, from millions in fines for charging Black and Latine homebuyers higher mortgage rates to urging shareholders to vote against reporting on workplace discrimination and harassment.
Wells Fargo has done more to advance Trump’s agenda than any other bank on Wall Street. That’s why this summer, we’re holding the bank accountable.
Then, Wells Fargo unveiled to the Trump administration its scheme to privatize the U.S. Postal Service. Their plan includes raising prices up to 140%, mass layoffs of unionized workers while slashing benefits for those remaining, and eliminating the unprofitable “Universal Service Obligation” to deliver mail to all U.S. addresses six days a week. A privatized post office would charge higher prices for worse service, while decimating good union jobs.
Not only is Wells Fargo caving to right-wing pressure, it is actively funding the fascist agenda, from mass deportations to genocide in Gaza. It is currently a lead banker on a $500 million revolving credit commitment to Palantir—a tech company that provides AI targeting technology to the Israeli military as it murders tens of thousands of Palestinians, and signed a $30 million contract with Immigration and Customs Enforcement to develop “ImmigrationOS,” a new immigrant surveillance software. Wells Fargo was also one of the financiers of a $500 million loan to Elbit Systems, a company that makes........
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