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NYC Becomes Latest City To Cut Back On Ties With Wells Fargo

NYC Becomes Latest City To Cut Back On Ties With Wells Fargo

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Several states and cities have suspended their relationships with San Francisco-based Wells Fargo since the bank acknowledged in September that its employees opened up to 2 million accounts without customers' permission.

Wells currently holds $227 million in city deposits. Mayor Bill de Blasio and Comptroller Scott Stringer said Wednesday they will vote as members of the city's Banking Commission to bar city agencies from renewing or expanding existing contracts with the bank.

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Until then, we will not be entering new contracts with the bank," de Blasio said in a statement. "I encourage Wells Fargo to quickly clean up its act and do right by the millions of customers who trust the bank with their savings.

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