NEW YORK (AP) - The Latest on Ohio’s governor suspending business with Wells Fargo (all times local):
Wells Fargo says it will work to win back business with the state of Ohio after the governor announced he’s breaking ties with the bank.
Republican Gov. John Kasich said Friday he’s suspending the nation’s second-largest bank from doing business with state agencies.
The move also will exclude the bank from participating in any Ohio state bond offerings.
The bank has been under fire for manipulating customer accounts to meet sales goals.
Wells Fargo says in a statement that it manages its dealings with Ohio in business lines that are separate from its retail bank.
Ohio’s decision follows similar moves by state treasurers in California and Illinois and the cities of Seattle and Chicago.
Ohio Gov. John Kasich says he is suspending Wells Fargo from doing business with state agencies, and excluding the bank from participating in any state bond offerings.
The Republican governor’s announcement Friday follows similar moves by state treasurers in California and Illinois and the cities of Seattle and Chicago. The bank has been under fire for manipulating customer accounts to meet sales goals.
Kasich said that while Wells Fargo may not do retail banking in Ohio, it does seek state bond business. He says it’s lost the right to do business with the state because it’s lost the public’s confidence.
The ban applies to financial services contracts that state agencies may have with Wells Fargo and any future state bond offerings. Kasich’s ban is effective for at least a year.
Copyright © 2021 The Washington Times, LLC.