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UPDATE 1-California extends ban on Wells Fargo business for at least another year

UPDATE 1-California extends ban on Wells Fargo business for at least another year
From Reuters - October 16, 2017

(Reuters) - California will extend sanctions against Wells Fargo & Co (WFC.N) for at least another year, Treasurer John Chiang said on Monday, after the state suspended doing business with the bank in 2016 as punishment for a sales practices scandal.

Chiang cited progress by the bank in certain areas, but expressed concern over an alarming drumbeat of news reports of egregious or illegal actions over the past year in extending the sanctions, which apply only to business his office oversees.

In a statement, Wells Fargo spokesman Gabe Boehmer said the bank is in the business of banking, not politics, and had met and exceeded all of Treasurer Chiangs expectations.

The sanctions, announced in September 2016, include suspending Wells Fargo as a managing underwriter on state negotiated bond sales. California manages a $75 billion investment portfolio and is the nations largest issuer of municipal debt.

The sanctions also suspend state investments in all Wells Fargo securities and halt the use of Wells Fargo as a broker-dealer for investment purchasing.

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