Reuters - Pennsylvania
Treasurer Timothy Reese said on Thursday that he suspended Wells Fargo & Co
(WFC.N) from any treasury investment or trading activities in the state for a
year because of its "fraudulent" accounts scandal.
The
Pennsylvania Treasury said it will continue to monitor the situation and may
re-evaluate the bank's status if it showed progress in reforming its operations
and culture.
Wells Fargo
has faced intense regulatory scrutiny since September over the opening of as
many as 2 million unauthorized accounts, a scandal that led to the departure of
John Stumpf, former chief executive, last month.
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