Dec
14
Wells Fargo’s Hometown Penalizes Bank Amid Fake-Accounts Scandal
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San Francisco bars lender from some city business for 2 years
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City says customers must be made whole before sanction ends
Wells Fargo & Co., the bank working to contain a scandal over bogus accounts, was suspended from doing some business with its hometown of San Francisco.
The city’s Board of Supervisors on Tuesday suspended the firm for two years from providing services as a broker dealer, in commercial banking and in commercial paper. The measure, sponsored by Supervisor John Avalos, also removed Wells Fargo from securities investments and counterparty/repurchasing agreements. San Francisco had barred the lender in September from a banking program for low-income residents…
Wells Fargo’s Hometown Penalizes Bank Amid Fake-Accounts Scandal
