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California suspends some Wells Fargo business amid scandal

4 weeks 10 hours 50 minutes ago September 29, 2016 Sep 29, 2016 Thursday, September 29 2016 September 29, 2016 3:06 AM in News
Source: Associated Press
By: APNewsNow

SACRAMENTO, Calif. - California Treasurer John Chiang says he's suspending some of the state's business with Wells Fargo amid a scandal over millions of accounts allegedly opened without customers' permission.

Chiang, a Democrat, said Wednesday he wants to send a message that the bank's behavior was unacceptable and he hopes his colleagues in other states will follow suit.

Chiang's office is the nation's largest issuer of municipal debt. He says for the next 12 months he will stop using Wells Fargo as the managing underwriter on certain categories of bond sales, will avoid buying Wells Fargo securities and won't use the bank as a broker for investment purchases.

Wells Fargo spokeswoman Jennifer Dunn says the bank understands the concerns and is working to rebuild trust with customers.

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