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County Cuts Ties with Wells Fargo

SAN JOSE – The Santa Clara County Board of Supervisors today voted to suspend business dealings with Wells Fargo & Company after the bank admitted to creating over two million fake bank and credit card accounts.

By unanimous vote, the Board approved the motion by Supervisor Joe Simitian to suspend investments by the Controller-Treasurer’s Office in all Wells Fargo securities; suspend the use of Wells Fargo as a broker-dealer for purchasing of investments; and suspend Wells Fargo as a managing underwriter on County debt issuances, all for a period of two years.

“Regrettably, federally imposed fines seem to be insufficient to change behavior. If pulling our business is what it takes to change behavior, then so be it,” said Simitian. “My hope and expectation is that action by our County might prompt similar action by other jurisdictions in the state and the nation.”