California's Sanctions Against Wells Fargo

NEWS BRIEF The state of California has suspended all official dealings with Wells Fargo, following a scandal that has brought heavy scrutiny to the San Francisco-based bank. Wells Fargo was involved in a scheme that created phony bank and credit-card accounts to collect fees. Federal and California regulators have already fined the bank $185 million for the fraudulent practices, while the company fired 5,300 employees. John Chiang, the state treasurer who oversees $2 trillion in bank transactions annually, announced the unprecedented sanctions Wednesday. In a letter to Wells Fargo, he asked,......(read more)

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