California Sanctions Wells Fargo – Suspends Up To $2 Trillion Banking Relationship For Next 12 Months

Wednesday, September 28, 2016
By Paul Martin

by Tyler Durden
Sep 28, 2016

Treasurer John Chiang says in letter to Wells Fargo’s John Stumpf, board that he’s ordered suspension of WFC’s participation in “its most highly profitable business relationships” with California.

Bloomberg reports:

The California Treasurer oversees ~$2t in annual state banking transactions; manages $75b investment pool; is largest U.S. issuer of municipal debt

Sanctions include:
Suspending investments by Treasurer’s office in all WFC securities
Suspending using WFC as broker-dealer for purchasing investments
Suspending WFC as managing underwriter on negotiated sales of Calif. state bonds (where Treasurer appoints underwriter)

Sanctions take effect immediately, will remain in place for next 12 months

The Rest…HERE

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