Wall Street Gets Shaken: First-Ever Major Bank Unionization Vote Rocks Wells Fargo

Employees at a Wells Fargo bank in New Mexico have voted to unionize, marking the first time in modern history that workers at a major U.S. bank have sought to organize.

The vote follows a string of spectacular victories for unions in the United States, with organized labor securing massive contracts in industries that have traditionally had strong labor representation and making advances in areas that have not.

Bankers and tellers at the Wells Fargo office in Albuquerque, New Mexico, will join the Communications Workers of America's Wells Fargo Workers United, according to a prepared statement issued by the Committee for Better Banks on Wednesday.

The committee, which is composed of current and former employees of banks like Wells Fargo, US Bank, Santander, Bank of The West, and Bank of America, also claims that workers at other bank locations, such as Daytona Beach, Florida, have already filed for a vote to unionize with the National Labor Relations Board.

The employees claim they are mishandled, underpaid, and lacking in staff. The bank workers are part of a movement to unionize in areas where organized labor has not historically been very prevalent.

Labor Movements Across Industries

In a move that organizers claimed was the biggest walkout to date in the two years that the company's outlets have been trying to unionize, employees at Starbucks locations went on strike last month.

Starbucks, which is against the union initiative, has also attempted to change the subject of discussion. The business declared earlier this month that it will negotiate with its unionized employees and reach labor agreements by the next year.

There are a few Apple retail employees who are looking to unionize, and there are some early moves to establish unions in Amazon warehouses. It was a historic year for unions in areas where they have a long history.

The very heated labor discussions that threatened to delay package deliveries for millions of companies and families nationwide came to an end in August when UPS workers voted to adopt a five-year contract. Additionally, employees at Ford, Stellantis, and General Motors reached agreements in October that put an end to a six-week period of focused strikes.

Both the Teamsters and the UAW have pledged to take advantage of this momentum and grow their membership by introducing organized labor into industries and factories that have not historically been covered by unions.

According to information released by the NLRB in October, employees submitted about 2,600 applications for union representation in 2023, a 3% rise from the previous fiscal year.

According to the NLRB, employee charges of unlawful anti-union conduct increased by 10% in 2023 over the same time the previous year.