Skip to content
Subscriber Only

Wells Fargo Dropped by Teachers Union Over Ties to Gun Industry

Mortgage Applications in U.S. Slumped Last Week to Five-Year Low

Photographer: Patrick T. Fallon/Bloomberg

Wells Fargo & Co.’s financial ties to gunmakers and the National Rifle Association have prompted the American Federation of Teachers to remove the bank from its list of recommended mortgage lenders.

The 1.7-million-member national union said the move came after its attempts to meet with bank executives to discuss the matter went unanswered, according to a letter released Thursday. The AFT had contacted the bank earlier, urging the firm to stop doing business with the NRA and makers of guns and ammunition.