California's state treasurer has announced he is suspending major parts of the state's business relationship with Wells Fargo because of a scandal involving unauthorized customer accounts.
California, the nation's largest issuer of municipal bonds, is barring Wells Fargo & Co. from underwriting state debt and handling its banking transactions after the company admitted to opening potentially millions of bogus customer...
California Treasurer suspends key banking relationships with Wells Fargo.
The state is cutting ties with the bank for a year, following a scandal involving fake accounts.
The state will drop several relationships with the bank, which is enmeshed in a scandal over the creation of millions of unauthorized accounts.