Chicago Suspending Business With Wells Fargo For a Year

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The city of Chicago will stop doing business with Wells Fargo and its subsidiaries for a year.

The City Council on Wednesday voted without dissent to join the states of Illinois, California and other governmental bodies that have made the move in the wake of disclosures that bank employees opened phony accounts to meet sales goals.

Alderman Edward Burke says he hopes the move sends a message to Wells Fargo that the city won't tolerate "this kind of conduct."

Just this week, Illinois State Treasurer suspended $30 billion in investment activity with Wells Fargo. California did the same last week. Regulars have fined the company $185 million.

A Wells Fargo spokesman said the bank is disappointed in Chicago's decision and said the bank is ready to "continue delivering outstanding service to the city."

Copyright AP - Associated Press
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