SAN FRANCISCO ¨C California State Treasurer John Chiang on Wednesday announced a sweeping suspension of business relationships with Wells Fargo & Co. as punishment for the company¡¯s defrauding of customers.
In addition, Chiang vowed to work with the state¡¯s two giant public pension funds to change the management structure at the bank, which is California¡¯s oldest financial institution.
The sanctions, which will last for 12 months, include suspending Wells Fargo as a managing underwriter on state negotiated bond sales, Chiang said. California is the nation¡¯s largest issuer of municipal debt.
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