The bankers at Wells Fargo are being hunted like bandits by the state of California. On Wednesday California Treasurer John Chiang issued a release condemning the bank for defrauding California customers.
Chaing said the gold coast state will no longer use Wells Fargo for the issuance of state municipal bonds, and will no longer invest in any Wells Fargo securities.
The state is distancing themselves from the San Fransisco bank after federal regulators determined Wells Fargo secretly created millions of unauthorized bank and credit card accounts.
Troubles are mounting for the bank despite executives at the firm doing their best to blame their underlings for the fraudulent activity.
Shares in the company are down nearly -10% since September 9th, when regulators levied a small fine against the firm. This bodes well for former WFC banker Kevin Pham, who last week organized national close your account day, urging customers of the bank to sever their relationships with the bank while also shorting the company’s shares.
Apparently California is on board with the young man’s plan.
The sanctions put in place by California’s treasury will last for at least 12 months.
If you enjoy the content at iBankCoin, please follow us on Twitter
