Illinois is joining California in suspending Wells Fargo & Co. from handling “billions” of dollars

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Illinois is joining California in suspending Wells Fargo & Co. from handling “billions” of dollars

Illinois is joining California in suspending Wells Fargo & Co. from handling “billions” of dollars

Bloomberg-

Illinois is joining California in suspending Wells Fargo & Co. from handling “billions” of dollars in investment work and the underwriting of state debt after the company admitted to opening potentially millions of bogus customer accounts.

Treasurer Michael Frerichs said in a statement the he will announce details of the ban during a news conference in Chicago on Monday. The suspension includes municipal-bond underwriting, according to Greg Rivara, a spokesman for the treasurer.

“In isolation, Illinois is not as significant as California, but its part of a mosaic that’s starting to take form,” Charles Peabody, a managing director at Compass Point Research LLC, said in a telephone interview, noting that it’s surprised industry watchers that the cross-selling scandal has begun to impact Wells Fargo’s corporate bank. “And the mosaic that’s being built out does not paint a bright picture for 2017 earnings.”

[BLOOMBERG]

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4 Responses to “Illinois is joining California in suspending Wells Fargo & Co. from handling “billions” of dollars”

  1. jerry says:

    way to go Illinois soon all the all the usa will follow soon only New -Jersey will look the other way and will continue doing business as usual with fraudulent bank like wells Fargo Bank.

  2. Michael says:

    You’re right jerry New Jersey looks the other way and plays stupid especially the judges

  3. jimi says:

    NJ Courts welcome banks like wells Fargo to come and steal homeowners homes by way of fraud just look at Bergen county
    judges Gerald c. Escala and Edward A jerejian that refuse to
    accept facts and evidence of fraud perpetrated by the banksters
    in foreclosure proceedings which they preside on .

  4. Charles Reed says:

    Only a matter of time and the DOJ will have to deal with the $11.44 billion Fraud of the Washington Mutual Bank 104,000 or so FHA, VA & USDA loans that Wells Fargo had MERS draw up “Forged” titles and illegally foreclosed and submitted False Claims against the FHA Mortgage Insurance Premium and the Dept of VA Guaranty Fund.

    SEC Whistleblower Feb 2012 submission and Lynn Szymonaik Qui Tam Feb 2014 which includes these crimes committed against the Federal Government!

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