Berkeley council says Wells Fargo not welcome, but could seek future business

BERKELEY — The city will continue to do business with Wells Fargo at least through May 2018 as it develops “socially responsible banking” criteria for future bidders. That could ultimately include the beleaguered San Francisco-based bank, notwithstanding Berkeley’s “Not Welcome” signal.

The City Council approved a resolution May 30 calling on the council and the Mayor’s Responsible Banking Task Force to work with City Manager Dee Williams-Ridley to develop the criteria for a Request For Proposals to be published in December.

The resolution’s sponsors are council members Linda Maio, Sophie Hahn and Ben Bartlett and Mayor Jesse Arreguin. A staff report accompanying the draft resolution slammed Wells Fargo for reportedly opening more than 1.5 million accounts without clients’ knowledge, as well as providing financing for the Dakota Access Pipeline and the private prison industrial complex.

Read on.

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