Seattle leaders break ties with Wells Fargo after ‘reprehensible’ practices

You can now add Seattle to the growing list to Wells Fargo’s headaches…

The City of Seattle is breaking ties with Wells Fargo after revelations that the bank opened accounts nationwide without the knowledge of the account holders.

Seattle city leaders were considering taking out a $100 million loan from Wells Fargo to cover a Seattle City Light bond. In a letter Friday, city leaders say they’re calling off the contract before it’s finalized this month.

Seattle Mayor Ed Murray, Council President Bruce Harrell and Tim Burgess, the chair of the council’s finance committee, sent the letter.

Read on.

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