Wells Fargo joins megabank peers in
announcing it’s ending Arctic oil
investment
Alaska Daily News,
by
Alex DeMarban
Original Article
Posted By: John C,
3/3/2020 6:47:28 AM
A third major U.S. bank has announced it will not support financing for oil and gas projects in the Arctic.
Wells Fargo & Co. called out the Arctic National Wildlife Refuge on Alaska’s North Slope as an area it will avoid, joining Goldman Sachs and JPMorgan Chase in disclosing that it will not support investments for Arctic oil projects.
“Wells Fargo does not directly finance oil and gas projects in the Arctic region, including the Arctic National Wildlife Refuge (ANWR) – part of a larger 2018 risk-based decision to forego participation in any project-specific transaction in the region,” the bank’s updated policy language says.
Reply 1 - Posted by:
chase9365 3/3/2020 6:52:13 AM (No. 335226)
Time to find a new bank!
31 people like this.
Reply 2 - Posted by:
chumley 3/3/2020 6:58:03 AM (No. 335232)
A good opportunity for someone to make some money.
25 people like this.
Reply 3 - Posted by:
JackBurton 3/3/2020 6:59:01 AM (No. 335235)
What #2 said.
Others will invest and make money. These CAGW types? They can pound sand.
19 people like this.
Reply 4 - Posted by:
bpl40 3/3/2020 7:02:53 AM (No. 335238)
They will not only lose this opportunity for their shareholders but also other customers who disapprove of this pandering and hypocritical virtue signaling. Do what is right by your shareholders. They will decide where to invest their money
19 people like this.
Reply 5 - Posted by:
StormCnter 3/3/2020 7:15:58 AM (No. 335254)
I have never had an account with Wells Fargo, nor approached them for any bank service. However, I have dealt with two local branches trying to obtain records from a local bank they absorbed and attempting to straighten out a glitch in closing my deceased father's account. All of these episodes resulted in rude WF employees, complete lack of cooperation and ended in my having to get a lawyer to force the actions I was seeking.
Why would anyone choose Wells Fargo Bank as their own?
26 people like this.
Reply 6 - Posted by:
snapper451 3/3/2020 7:22:18 AM (No. 335263)
So it's okay to give the Arctic region to Russia? My guess is that these banks won't refuse Russian money or laundering it.
16 people like this.
After all the spate of this bank getting caught doing bad stuff...people seriously bank there? I bank with a huge bank but only because I worked there for 15 years...my pension check is direct deposit...but I will be moving soon to a new local bank! Our Navarre bank merged and I have closed my business account with them! Stay with a small bank with really good web and online security! Go in and meet the President and get to know the loan officers and tellers! It pays off!
9 people like this.
Reply 8 - Posted by:
anniebc 3/3/2020 7:58:43 AM (No. 335301)
Wells Fargo, a once great institution, doing anything to survive. Including caving to crazies. Go credit unions!
16 people like this.
Reply 9 - Posted by:
Clinger 3/3/2020 8:28:15 AM (No. 335336)
I have a few shekles in a Wells Fargo account, time to pull that out.
10 people like this.
Reply 10 - Posted by:
Strike3 3/3/2020 8:49:21 AM (No. 335359)
They can just return to writing shaky mortgage loans.
As America's snowflakes are graduated by the "intelligentsia" and receive positions in management we will see more of this lunatic behavior.
8 people like this.
Reply 11 - Posted by:
Rumblehog 3/3/2020 9:06:18 AM (No. 335382)
They WERE my bank.
11 people like this.
Reply 12 - Posted by:
DARling 3/3/2020 9:14:35 AM (No. 335398)
Now the Wells Fargo honchos can demand that all of their employees take bicycles to work. They can also use leftover restaurant grease for fueling their limousines. Take virtue signaling to the extreme or be called hypocrites.
8 people like this.
Reply 13 - Posted by:
jacksin5 3/3/2020 9:23:21 AM (No. 335412)
I left banks for Credit Unions years ago. Their loans are centered around their customers, and the communities they serve.
5 people like this.
There is a glut of oil on the market. Prices are depressed, hardly profitable for American producers. No one is rushing to drill, baby, drill up there. This is nothing more than window dressing.
4 people like this.
Reply 15 - Posted by:
Goose 3/3/2020 10:02:34 AM (No. 335471)
You have chosen...poorly.
3 people like this.
Reply 16 - Posted by:
VirtuDawg 3/3/2020 10:11:01 AM (No. 335481)
WF will probably make up the lost revenue by creating 1000s of fake savings accounts again.
3 people like this.
Reply 17 - Posted by:
andyboy 3/3/2020 10:40:13 AM (No. 335526)
Others will undertake the Arctic oil and gas projects Wells Fargo is passing on, and the only losers will be Wells Fargo's shareholders.
6 people like this.
Reply 18 - Posted by:
DVC 3/3/2020 11:06:53 AM (No. 335567)
Stockholders need to replace the board of directors.
4 people like this.
Reply 19 - Posted by:
brezley67 3/3/2020 11:07:25 AM (No. 335569)
Had a mortgage with them a few years ago only because of my naivety and didn't know the realtor was going to use them. It was the worst service I've ever had. Long story short, I refinanced a couple yrs later with a local bank.
2 people like this.
Reply 20 - Posted by:
hershey 3/3/2020 12:07:51 PM (No. 335643)
Hope they all enjoy walking to work in the winter...dumbazzes...
1 person likes this.
Reply 21 - Posted by:
JunkYardDog 3/3/2020 1:09:58 PM (No. 335734)
Financial institutions that intentionally pass up opportunities to make money??
Do they think they can virtue-signal in the dark when the lights go out?
Climate alarmism is merely a passing fad, like disco or pet rocks.
0 people like this.
Reply 22 - Posted by:
hoosierblue 3/3/2020 4:21:16 PM (No. 335894)
Sounds like another woke decision that will help send the bank down the tubes.
0 people like this.
Reply 23 - Posted by:
crashnburn 3/3/2020 7:36:02 PM (No. 336042)
Considering ANWAR used to stand for Arctic National War Reserve, I don’t think WF has a leg to stand on.
Further, the entire oil exploration footprint is minuscule and getting smaller as technology improves. We had several oil wells on our ranch for years, and now it’s hard to tell where they were.
Finally, instead of harming the migratory moose, the heat from the extracted oil actually helped them during winter.
In summary, “Bless WF’s little 💕 “!
0 people like this.
Reply 24 - Posted by:
pensom2 3/3/2020 9:32:35 PM (No. 336146)
Wells Fargo's headquarters is in . . .(wait for it) . . . San Francisco.
1 person likes this.
Reply 25 - Posted by:
ussjimmycarter 4/20/2020 11:45:58 AM (No. 385526)
Worst bank in America! I wouldn't put .50 in an account with them! Remember all the rip-off scandals they were part of? NOW they are WOKE...time to go BROKE...and we don't expect to bail them out this time Mr. President!
0 people like this.
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