Will New York City be the latest to cut ties with Wells Fargo?
City reportedly considering canceling contract with bank
The fallout from Wells Fargo’s fake account scandal is apparently far from over, as New York City could soon become the latest in a long string of cities and states that cut ties with the megabank in the wake of the scandal.
Last year, Wells Fargo was fined $185 million after 5,000 of the bank’s former employees opened as many as 2 million credit card and bank accounts without authorization in order to get sales bonuses.
That led to a myriad of additional consequences, including Wells Fargo’s CEO stepping down, and a number of states and cities suspending their respective relationships with the bank.
And now, New York City could be the next name on that list, according to a report from the New York Business Journal.
The New York Business Journal report states that New York City’s government is set to consider suspending its business ties with Wells Fargo.
From the report:
Wells Fargo currently has a deal with N.Y.C.'s Department of Finance to process credit-card transactions until June 30, 2021.
Now, a "Contract Public Hearing" has been set for Thursday, Jan. 12, 2017, at 1 Centre Street in Manhattan to address the $1.3 million agreement.
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