“Wells Fracko Bank” Called Upon to Divest from Fossil Fuels

WASHINGTON (07-30) – Calling Wells Fargo & Company Bank “Wells Fracko,” the group “Stop Billionaires Summer” picketed their global headquarters building for a second time this month as part of its eight-week campaign of mass action, disruption and information leafleting by calling attention to the bank’s role in “climate collapse, fueling Fascism and throwing our futures into the fire.” Organizers also accused the bank of ensuring that “billionaires protect their profits and power” and for allowing the ultra-wealthy elites “to fuel the crises we’re living in.”

Early this morning as workers arrived at the building, activists formed a picket line and chanted while carrying enlarged photographs of environmental damage done by fossil fuel companies financed by the bank, along with signs accusing them of being complicit in Israel’s genocide in Gaza, while making noise using pots and pans and other impromptu instruments to disrupt business as usual at the building’s international headquarters. This, while others were busy handing out leaflets to commuters existing the nearby BART Embarcadero metro station that explained the bank’s “profit over people” style along with the group’s demands and goals.

After they placed their signs on the lobby entrance picture windows so they could be read by those gathered inside, the building’s management called police to move the protesters back into the adjacent courtyard.

Activists chastised the bank for relinquishing its climate change goals and commitments along with “reassessing” its diversity, equity, and inclusion (DEI) program and goals. And as though that is not enough, they also accused the bank of “union busting” by “intimidating its employees and spreading misinformation in an attempt to stop them from unionizing.” This is contained in a complaint filed recently by the Communications Workers of America (CWA) for “unfair labor practice” that is now before the National Labor Relations Board.

The Stop Billionaires Summer, along with Stop the Money Campaign, Oil & Gas Action Network and Planet Over Profit are demanding that the bank divest and discontinue funding for companies and corporations involved in the carbon-based fuels industry and for investing and lending funds to companies that are assisting the Israeli military in its genocide in Gaza. One of those is Palantir, whose advanced AI technology and data mining software is being used by the Israeli military and intelligence agencies for “powerful targeting capabilities.”

According to an article by the British Business and Human Rights Resource Centre, Alex Karp, Palantir co-founder and CEO, openly admitted that, regarding its military applications, “Our product is used on occasion to kill people.” Palantir is also engaged, through an executive order signed by President Trump in March of this year that ordered federal agencies to remove barriers on unclassified information, in creating a central federal database containing sensitive personal information on every citizen in the country. The company has also developed software for ICE to track undocumented migrants in their ongoing effort to round up and deport individuals.

The bank is also involved in financing Elbit Systems, one of Israel’s largest defense contractors, described as a defense electronics and technology company. The company provides the Israeli military with “unmanned aerial vehicles (UAVs), artillery, munitions and electronic warfare systems” that are being used in Gaza.

Stop Billionaires Summer campaign also calls for confronting “Elon Musk’s Technofascist empire, fossil fuel financiers and real estate tycoons,” promising that they “are coming for the billionaires who are attacking our communities and stealing our future,” saying “we’re organizing to win.”

One proposal under consideration is calling on Wells Fargo customers to withdraw funds from the bank and another is calling on credit card holders at to destroy their cards in protest hitting the banks in the only place they recognize.

Unlike last week, there were no arrests at today’s action, but before departing the group promised more action at the bank and other locations they have targeted in their campaign to realize financial divestment.

Report and photos by Phil Pasquini

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