California Treasurer to Suspend Some Business With Wells Fargo
September 28 2016 - 3:36PM
Dow Jones News
By Rachel Louise Ensign
California Treasurer John Chiang said his office would stop
doing some business with Wells Fargo & Co. over its burgeoning
sales scandal.
Mr. Chiang said in a letter to the bank viewed by The Wall
Street Journal that his office would suspend "its most highly
profitable business relationships" with the San Francisco-based
bank over allegations of widespread illegal sales tactics.
Under the suspension, the state would temporarily stop making
investments in the bank's securities, using Wells Fargo as a broker
for buying investments and hiring the bank as an underwriter on
certain bond deals.
A Wells Fargo spokesperson couldn't be reached for immediate
comment.
Write to Rachel Louise Ensign at rachel.ensign@wsj.com
(END) Dow Jones Newswires
September 28, 2016 15:21 ET (19:21 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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