City of Alameda moves to divest from Wells Fargo

ALAMEDA — The city of Alameda has taken the first steps toward divesting more than $36 million from its accounts at Wells Fargo over the bank’s involvement with the Dakota Access pipeline and the bank’s history of controversial practices.

The City Council voted unanimously early Wednesday morning to immediately refrain from investing in the bank’s securities and told city officials to begin the process of securing a new bank.

Along with the Dakota Access pipeline, the council’s actions are a response to last year’s scandal in which regulators found that the San Francisco-based bank set up accounts for consumers without their knowledge to meet sales goals, which led to $185 million in fines and the firing of at least 5,300 employees.

“If there is bad behavior and we do nothing about it, then we are passively condoning it,” said Vice Mayor Malia Vella, who, along with Councilman Jim Oddie, put the city’s involvement with Wells Fargo on the council’s agenda.

Read on.

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