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Unions Target Financial Institutions

A few weeks ago, the AFL-CIO (one of the two major labor federations) held over 200 rallies, demonstrations, and other events aimed against major Wall Street financial institutions including Bank of America, Goldman Sachs, JP Morgan Chase, Citigroup, Morgan Stanley, and Wells Fargo/Wachovia.  These events were part of the labor federation’s campaign (which began earlier this month) to press for the creation of jobs.

Working alongside the AFL-CIO is a 3 million member pro-union affiliate called Working America.  Working America is conducting its own campaign called “not your ATM,” involving members posting photos on the Internet of themselves holding various protest signs in front of ATMs.

Both these organizations claim that Wall Street investment banks are to blame for the high unemployment rate. In a recent statement, AFL-CIO President Richard Trumka, declared banks must “stop refusing to pay [their] fair share to restore the jobs [they] destroyed.” 

Although the AFL-CIO’s stated objective for these events is “job creation,” there remains the significant unstated objective: the unionization of your workers.  The recent campaign should remind employers in the financial sector that unions are continuing to target financial institutions and the companies in which those institutions have a stake. 

Brody and Associates regularly advises its clients on union-related matters and provides union-free training.  If we can be of assistance in this area, please contact us at info@brodyandassociates.com or 203.965.0560.