(Chicago, IL) — The state of Illinois is cutting business ties with the troubled Wells Fargo Bank. State Treasurer Michael Frerichs announced Monday that his office is imposing a one-year moratorium on doing business with Wells Fargo in protest of the bank’s fake accounts scandal. He said he wants to send a message that Wells Fargo’s unscrupulous practices will not be tolerated. Frerich’s move suspends about 30-billion dollars in state business with Wells Fargo. Chicago’s City Treasurer Kurt Summers says the city is pulling some 25-million dollars from Wells Fargo. The City Council will consider a more extensive divestiture.
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