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Pennsylvania Treasury suspends Wells Fargo from trading

Published 11/03/2016, 02:27 PM
Updated 11/03/2016, 02:30 PM
© Reuters. The logo and trading information for Wells Fargo are displayed on a screen on the floor of the NYSE
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(Reuters) - Pennsylvania Treasurer Timothy Reese said on Thursday that he suspended Wells Fargo & Co (N:WFC) 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.

© Reuters. The logo and trading information for Wells Fargo are displayed on a screen on the floor of the NYSE

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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