Wells Fargo plans to privatize parts of USPS

Wells Fargo is planning to privatize the United States Postal Service (USPS), according to a recent memo. The bank aims to sell off profitable sections of the USPS, cut jobs for union workers, and increase prices significantly, by as much as 140 percent. The move comes amid a push from the Trump administration to privatize government services. Recently, Postmaster General Louis DeJoy has partnered with the Department of Government Efficiency (DOGE) to explore this privatization. Major financial institutions see this as a profitable opportunity. Wells Fargo suggests that the USPS could remain as a government service for traditional mail. Meanwhile, the more profitable package delivery service could be sold off. They also note that raising prices will be necessary for privatization to work. This would affect the service's ability to maintain six-day delivery for every address, which is a key requirement. The memo also mentions possible layoffs for postal workers. They recommend giving current employees buyout offers or facing job cuts. They acknowledge that privatization will likely reduce job security, weaken union protections, and increase employee costs. Additionally, Wells Fargo sees real estate as a source of profit, estimating the USPS's real estate value at around $88 billion. This includes many smaller post offices, which are vital public services in rural and small-town areas.