The birthplace of Wells Fargo, San Francisco, Calif., may be looking to cut all ties with the bank following the nationwide fraud scandal that ended in disaster, according to reports.
Wells Fargo employees issued 565,000 lines of credit and opened 1.5 million bank accounts for customers without their consent, and sometimes created false email addresses to sign them up for banking services in order to pad their numbers. (RELATED: Wells Fargo Just Got Slapped With The Biggest Fine In CFPB History)
If the proposed resolution by Avalos passes, the city’s move to cut ties with Wells Fargo will be arguably one of the most shocking blows to the brand throughout the ongoing saga, more than requiring former CEO John Stumpf to forfeit $41 million in pay, more than his ultimate resignation, and certainly more damaging than the congressional investigations Wells Fargo underwent in September.
Wells Fargo first opened its doors in the heart of San Francisco’s financial district some 164 years ago in 1852. The firm provided banking services to pioneer miners, merchants and ranchers.
San Francisco is not the first city to consider cutting ties with the historic American bank. The Chicago City Council approved a one-year suspension of Wells Fargo operations within Chicago city limits in early October. (RELATED: Major US City Bans Wells Fargo For One Entire Year After Scandal)
Entire states are also banning Wells Fargo operations, including California, Illinois, and Ohio, Business Insider reports.
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