Here's the latest sector to fall to the country's unionization fever

These big-bank workers just became the first of their kind to unionize in the U.S.

Dec 22, 2023 - 23:30

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Here's the latest sector to fall to the country's unionization fever

With more than 300,000 U.S. workers striking throughout the year, according to Cornell University's labor tracker, 2023 has been the year of the union.

Such efforts on Wednesday expanded into the big-bank sector in the U.S. for the first time in decades.

Workers at a Wells Fargo (WFC) - Get Free Report branch in Albuquerque, N.M., voted 5 to 3 to join the Communications Workers of America's Wells Fargo Workers United union, according to a statement. They've become the first Wells Fargo workers to unionize in the history of the bank.

Though this is the first branch to join the union, several other Wells Fargo branches are planning to hold union elections.

Wells Fargo locations in Florida and California are expected to hold their union elections in January, according to Reuters.

"We respect our employees' rights to vote for union representation," Wells Fargo told Axios in a statement. "At the same time, we continue to believe our employees are best served by working directly with the Company and its leadership."

The victory "stands as a testament to workers in the financial services industry who know we need a collective voice to improve the industry we are integral to," Sabrina Perez, a senior premier banker at the branch, said in a statement.

The year of the union

This latest bit of union success comes in the wake of a busy year for U.S. labor unions.

Workers at United Parcel Service (UPS) - Get Free Report in August secured a new five-year, $30 billion contract, which included wage increases across the board. Under the new contract, part-timers received a 35% hourly increase while some of their full-time peers will be able to earn $175,000 annually by the end of the contract.

After striking for 146 days, the Writers Guild of America in September achieved wage increases and protections against artificial intelligence, among other things. The Screen Actors Guild, after a similarly lengthy strike, in November won a similar contract.

The United Auto Workers union in October won record contracts for its workers, bringing roughly 40 days of strikes against the Big Three to an end. The UAW won massive wage increases, the elimination of employment tiers, and better benefits and protections, among other things.

More than 75,000 healthcare workers with Kaiser Permanente picketed in October in what became one of the largest healthcare workers strikes in recent U.S. history.
FREDERIC J. BROWN/Getty Images

The UAW is only getting started; the union is actively targeting more than a dozen nonunion automakers, including Tesla (TSLA) - Get Free Report, and is confident that in 2028 it will see them all at the negotiating table.

Shares of Wells Fargo, up around 20% for the year, lifted slightly at last check Friday to around $50.

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