California Suspends Wells Fargo From State Bond, Investing Work

California Suspends Wells Fargo From State Bond, Investing Work

California, the nation's largest issuer of municipal bonds, is barring Wells Fargo & Co. from underwriting state debt, from its banking transactions and in its investments after the company admitted to opening millions of bogus customer accounts. The suspension, in effect immediately, will remain in place for 12 months, State Treasurer John Chiang said Wednesday.

bloomberg.com