SF & Santa Clara Co. supervisors consider cutting ties to Wells Fargo

- The San Francisco Board of Supervisors is considering cutting ties with Well Fargo Bank for city business after the bank’s recent settlement with regulators.

The San Francisco-based bank created two-million fake accounts to meet the company’s aggressive sales goals.
Thousands of employees were fired and the CEO resigned in the wake of the scandal.
Supervisors Jane Kim and John Avalos introduced the resolution. They say Wells Fargo business practices are hurting average customers.

“The City of San Francisco can no longer do business with the predatory CEO culture of Wells Fargo,” said Supervisor Avalos.

Last month, California’s treasurer suspended all business with Wells Fargo along with Illinois, Ohio and the city of Chicago.

Late Tuesday word came that Santa Clara County supervisors voted to suspend business with Wells Fargo.
The full San Francisco Board of Supervisors is set to vote on the measure this week

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