Wells Fargo & Co. is now the first major US bank to have a unionized workforce.
Workers at a Wells Fargo branch in Albuquerque, N.M., voted 5-3 Wednesday to join the Communications Workers of America’s Wells Fargo Workers United, in an election overseen by the National Labor Relations Board. Employees at a Wells Fargo branch in Bethel, Alaska, are scheduled to vote Thursday on joining the union. Both branches represent a tiny fraction of the bank’s overall workforce, but are meant to spur momentum for a broader union drive.
The Washington-Baltimore News Guild, which is affiliated with the CWA, represents employees of Bloomberg Law.
The Albuquerque vote comes as Wells Fargo faces a growing union campaign in its branches and call centers. Branches in Daytona Beach, Fla., and Atwater, Calif., have separately petitioned to join the union, and union organizers expect more requests in the coming months.
Workers around the country have been advocating for improved wages and working conditions, including the ability to better push back against aggressive sales tactics and other violations that have dogged Wells Fargo for years.
The Wells Fargo branch in Albuquerque has eight members in its bargaining unit and the Bethel branch has five, making up a tiny fraction of the bank’s 4,355 branches and approximately 227,000 employees nationwide.
Wells Fargo has consistently maintained it will fight the unionization effort. Wells Fargo President and CEO Charles Scharf said at a Senate hearing this month he believes the bank works best when management has a direct relationship with its workers, rather than having to negotiate with a union. He faced questions on the union drive from Senate Banking Committee Chairman Sherrod Brown (D-Ohio).
Wells Fargo hired Littler Mendelson P.C., a top employer-side labor law firm, to advise the bank on its efforts to stop the union drive. The bank has distributed anti-union flyers and used small group meetings to discourage workers at the Albuquerque and Bethel branches from voting to join, according to union representatives.
The next step for workers in Albuquerque is to negotiate a contract with Wells Fargo, which could become a model for other branches around the country.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
