: Wells Fargo employees at two bank branches launch unionization efforts: report

Workers at two Wells Fargo & Co. WFC branches reportedly told the Wall Street Journal they’re launching a unionization effort starting this week. In an industry with a tiny fraction of union representation, employees at Wells Fargo branches in Bethel, Alaska, and Albuquerque, N.M., plan to notify the National Labor Relations Board of elections to set up unions in their respective workplaces, the report indicated. A Wells Fargo executive reportedly told the newspaper that the company remains deeply committed to investing in and supporting all workers at the bank. Wells Fargo has also boosted pay and benefits for lower paid employees, the executive was quoted as having said. The Communication Workers of America is working with the two employee groups at Wells Fargo. If successful, the effort would mark the fist union representation at a major bank in decades, the newspaper reported. Wells Fargo’s stock is up 4% in 2023, compared with a 17.6% rise by the S&P 500 SPX.

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