‘Just the beginning’: Two Wells Fargo branches file for union election
Unions have historically had little success organizing bank employees, but recent high-profile gains for the labor movement have fueled hopes that will change. The two elections at Wells Fargo will be a test.
The Canadian bank reported a 70% decline in profits at its U.S. commercial banking and wealth management unit in the most recent quarter and boosted reserves amid distress in the commercial real estate market.
Democratic Sens. Sherrod Brown, Elizabeth Warren, Jack Reed and John Fetterman say the revised approach would ensure the risks posed by the nation's largest banks are appropriately addressed. International banks, meanwhile, are concerned about the implications of the change.
Sen. Jack Reed, D-R.I., said that synthetic risk transfers make it easier for banks to accumulate risk, thereby making them less able to absorb losses in a crisis.