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Mortgage

Pennsylvania Treasury latest state to suspend Wells Fargo

Stops bank from trading

Wells Fargo faces the wrath of yet another state that’s seeking retribution after the mega bank’s fake account scandal, as it isn’t even close to done with dealing with the aftermath of 5,000 of the bank’s former employees opening accounts in order to get sales bonuses.

The latest state: Pennsylvania.

According to an article in Reuters by Nikhil Subba, “Pennsylvania Treasurer Timothy Reese said on Thursday that he suspended Wells Fargo from any treasury investment or trading activities in the state for a year because of its ‘fraudulent’ accounts scandal.”

The Pennsylvania Treasury isn’t alone in its retaliation against Wells Fargo.

Ohio Governor John Kasich recently said that he is using his power as governor to bar Wells Fargo from participating in future state debt offerings and financial services contracts initiated by state agencies for one year.

Previously, the city of Chicago, the state of California, and the state of Oregon also suspended ties with Wells Fargo.

 

 

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