Wells Fargo Is Plotting to Privatize the Post Office
A newly released memo from the banking giant Wells Fargo outlines a predatory scheme to dismantle the USPS: sell off profitable parts, slash union jobs, and raise prices by up to 140 percent.
Demonstrators hold signs during a rally for the United States Postal Service outside the James A. Farley Building in New York on March 20, 2025. (Yuki Iwamura / Bloomberg via Getty Images)
Fueled by Donald Trump’s billionaire cabinet and the Department of Government Efficiency’s (DOGE) anti-government crusade, privatizers are on the prowl. The first month of Trump 2.0 has been a bonanza of unabashed scamming and self-dealing by the country’s wealthy elite. The administration has sent a clear signal to profiteers: now’s your chance to get in on the action.
For decades, the Right has drooled at the thought of privatizing the United States Postal Service (USPS). Now it’s working to make that dream a reality. In December, Trump indicated that he was considering placing USPS under the Department of Commerce. Just recently, Louis DeJoy, the Trump-appointed postmaster general, agreed to partner with DOGE to get the ball rolling.
Major financial institutions are giddy at the prospect. Last month, Wells Fargo released a memo outlining political pathways to achieve postal privatization and the various opportunities for profit. Their plan is clear: sell off the most profitable parts, raise prices, and decimate the unionized workforce. The scheme represents an attack on the very foundations of this popular universal public service.
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