Illinois to Suspend Wells Fargo From Bond, Investing Work
- State teasurer joins California in penalizing bank for scandal
- Wells Chief Executive Officer Stumpf faces pressure to resign
Wells Fargo CEO: 'We Should Have Done More Sooner'
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Illinois is joining California in suspending Wells Fargo & Co. from handling “billions” of dollars in investment work and the underwriting of state debt after the company admitted to opening potentially millions of bogus customer accounts.
Treasurer Michael Frerichs said in a statement the he will announce details of the ban during a news conference in Chicago on Monday. The suspension includes municipal-bond underwriting, according to Greg Rivara, a spokesman for the treasurer.