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More on the Wells Fargo saga. Now the State of California is suspending its business with Wells Fargo for 12 months as a result of the bank's actions.
- California's state treasurer announced Wednesday that he has temporarily severed some business relationships with Wells Fargo & Co. over revelations that the bank created millions of accounts without customers' permission.
Treasurer John Chiang said his office will no longer invest in Wells Fargo securities, go through Wells Fargo to buy stocks or bonds, or appoint the bank to underwrite certain bond offerings. It’s unclear how much the actions will cost the San Francisco banking giant.
In a letter sent Wednesday to Chief Executive John Stumpf and the bank's board announcing the sanctions, Chiang said its sales practices demonstrate "a culture which actively promotes wanton greed.”