SEATTLE — The City of Seattle won’t work with Wells Fargo on a $100 million financing deal following a scandal that saw bank employees opening millions of phony accounts to meet sales goals.
In a letter sent to the bank Friday, Mayor Ed Murray, City Council President Bruce Harrell and Finance and Budget Committee Chairman Tim Burgess said Seattle wouldn’t work with Wells Fargo as a bond lender for City Light because of its irresponsible banking practices. The letter said: “The people of Seattle expect far better from the City’s business partners.”
In a statement Wells Fargo said it was “disappointed” in the city’s action. It also said the city’s business with the bank was managed separately from the retail operation involved in the scandal.
“We are taking important steps to ensure that the sales culture in our retail banking business is 100-percent aligned with our customers’ interests,” the statement said.
The move by Seattle follows similar actions by other governments to suspend business with the company.
Seattle cancels business with Wells Fargo
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