The state of Massachusetts will stop using Wells Fargo as a bond underwriter for a year, joining a growing list of state and local governments to suspend business with the bank after revelations it opened millions of unauthorized accounts.
Massachusetts Treasurer Deborah Goldberg instructed her staff late on Monday to immediately remove Wells Fargo WFC 0.56% from the state’s approved list of underwriters for a term of one year, her spokeswoman said on Tuesday.
Compared with other states, Massachusetts’ exposure to the bank is “extremely limited,” but Goldberg “isn’t convinced that Wells Fargo has grasped the level of seriousness of their actions nor have they addressed systemic failures within their organization,” spokeswoman Chandra Allard said in an email.
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