Wells Fargo has released a memo outlining its plan to privatize the United States Postal Service (USPS) for profit. The scheme involves selling off profitable parts, slashing union jobs, and raising prices by up to 140 percent.
The bank’s proposal is fueled by the Trump administration’s anti-government agenda, which aims to dismantle public services like the USPS. Wells Fargo estimates that the USPS could be worth $88 billion in real estate value, including post offices in every zip code.
The plan would also eliminate the Universal Service Obligation, which requires mail delivery six days a week, and put pressure on package delivery services to follow suit. Postal employees would face “deferred buyout offers” or layoffs, with pension benefits and job security being compromised.
Despite the opposition from major postal unions, Wells Fargo believes that a privatization plan could be implemented through a budget reconciliation bill or by replacing the USPS board of governors with pro-privatization appointees.
However, the bank’s memo acknowledges that public support for the USPS is high, particularly in rural areas where post offices serve as critical community infrastructure. The unionized workforce and majority of Americans oppose privatization, which could lead to widespread resistance and protests.
Instead of privatization, a more effective approach would be to expand postal services to include essential functions like banking, document copying, and holiday gift wrapping. This could provide financial stability for the USPS while preserving job security and benefits for its employees.
Source: https://jacobin.com/2025/03/wells-fargo-usps-privatization-trump