- Associated Press - Wednesday, October 5, 2016

CHICAGO (AP) - The city of Chicago will stop doing business with Wells Fargo and its subsidiaries for a year.

The City Council on Wednesday voted without dissent to join the states of Illinois, California and other governmental bodies that have made the move in the wake of disclosures that bank employees opened phony accounts to meet sales goals.

Alderman Edward Burke says he hopes the move sends a message to Wells Fargo that the city won’t tolerate “this kind of conduct.”

Just this week, Illinois State Treasurer suspended $30 billion in investment activity with Wells Fargo. California did the same last week. Regulars have fined the company $185 million.

A Wells Fargo spokesman said the bank is disappointed in Chicago’s decision and said the bank is ready to “continue delivering outstanding service to the city.”

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide