New York Metropolis to chop Wells Fargo from future enterprise – CNNMoney

Wells Fargo CEO: We must get back America's trust

New York Metropolis has a message for scandal-ridden Wells Fargo: clear up your act, now.

Mayor Invoice de Blasio and Comptroller Scott Stringer introduced plans on Wednesday to vote in favor of punishing Wells Fargo by blocking the financial institution from getting new contracts for the town’s deposits.

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The sanctions, set to be voted on at four p.m. ET by the town’s banking fee, would additionally droop Wells Fargo’s profitable position in operating the town’s bond gross sales for one yr.

If accredited, the penalties might harm Wells Fargo’s future enterprise with the nation’s largest metropolis.

Wells Fargo (WFC) presently holds a contract that permits it to carry taxes and costs collected by New York Metropolis, which has about $227 million from the town on the financial institution. The financial institution can also be a trustee to the New York Metropolis Retiree Well being Advantages Belief, which has about $2.6 billion in belongings.

“I encourage Wells Fargo to shortly clear up its act and do proper by the hundreds of thousands of consumers who belief the financial institution with their financial savings,” de Blasio stated in a press release.

Stringer, the town’s comptroller, had harsher phrases for the scandal which led to the firing of 5,300 Wells Fargo workers for creating some two million pretend accounts.

“What occurred at Wells Fargo was a fraud — and there must be penalties. We have to ship a message to this financial institution and the broader business that ethics matter,” Stringer stated.

Related: Venezuelans are outrages at Goldman Sachs

Wells Fargo stated in a press release that it “appreciates the persevering with dialogue with New York Metropolis” and “deeply values” its relationship with the town.

The financial institution has additionally beforehand pointed to many steps taken in current months, together with eliminating its controversial sales goals, putting in new management and refunding lots of of hundreds of consumers who have been wronged.

“We’ve got an unwavering dedication to repair every thing that went incorrect,” Wells Fargo CEO Tim Sloan stated throughout a presentation earlier this month. “There isn’t any query that 2016 was among the many hardest in our 165-year historical past.”

If New York Metropolis votes to again away from Wells Fargo, it might be a part of different cities taking motion towards the financial institution.

In February, Seattle decided to cut ties with the bank and keep away from any new investments in its shares and bonds. Seattle’s choice was principally pushed by Wells Fargo’s position as certainly one of greater than a dozen lenders within the controversial Dakota Access Pipeline.

Earlier this month, Philadelphia accused Wells Fargo in a lawsuit of discriminating against minorities by pushing them into higher-cost mortgages.

CNNMoney (New York) First revealed Might 31, 2017: 12:03 PM ET

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