Wells Fargo and Company (WFC): Pennsylvania Treasury suspends Wells Far...

Reply Private New

Next 10 Prev Next

Send PM Follow Ignore

Followers	1196
Posts	121942
Boards Moderated	10
Alias Born	05/10/2006

ChannelTrader

Re: None

Thursday, 11/03/2016 2:26:38 PM

Thursday, November 03, 2016 2:26:38 PM

Pennsylvania Treasury suspends Wells Fargo from trading

REUTERS 2:24 PM ET 11/3/2016

Nov 3 (Reuters) - Pennsylvania Treasurer Timothy Reese said on Thursday that he suspended Wells Fargo & Co(WFC) from any treasury investment or trading activities in the state for a year because of its "fraudulent" accounts scandal.

The Pennsylvania Treasury said it will continue to monitor the situation and may re-evaluate the bank's status if it showed progress in reforming its operations and culture.

Wells Fargo (WFC) has faced intense regulatory scrutiny since September over the opening of as many as 2 million unauthorized accounts, a scandal that led to the departure of John Stumpf, former chief executive, last month. (Reporting by Nikhil Subba in Bengaluru; Editing by Martina D'Couto)

(c) Copyright Thomson Reuters 2016. Click For Restrictions - about.reuters.com/fulllegal.asp