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California just dealt another blow to Wells Fargo

The state of California will no longer use Wells Fargo as an underwriter for the issuance of state municipal bonds, and the bank will have no involvement in the state's banking or investment activities for the next 12 months. California is the largest issuer of municipal bonds and the home state of Wells Fargo. In a release, the state's Treasurer admonished Wells Fargo for its recent fake account scandal.
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