California Extends Ban Against Wells Fargo Due to Scandals

Wells Fargo & Co. was barred by California’s treasurer from being hired for another year because of the bank’s fraudulent account scandal, leaving the company largely cut off from underwriting work with one of the nation’s biggest municipal-bond issuers.

Treasurer John Chiang on Monday said he decided to leave the sanctions in place against the San Francisco-based bank, whose reputation has suffered because of revelations employees opened bogus accounts in customers’ names to meet sales quotas. Chiang’s decision will prevent his office from hiring Wells Fargo as an underwriter or investment broker. The ban was imposed in September 2016 and was set to lapse after a year.

Read on.

2 responses to “California Extends Ban Against Wells Fargo Due to Scandals

  1. Pingback: California’s treasurer extends the on doing business with Wells Fargo | California freelance paralegal

  2. Pingback: California Extends Ban Against Wells Fargo Due to Scandals - Securitization & Mortgage Audit

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s