New York City suspends ties with Wells Fargo

New York City suspends ties with Wells Fargo

New York Mayor Bill de Blasio and Comptroller Scott Stringer have blocked Wells Fargo & Co. from leading municipal bond sales or landing other banking business until it improves its track record of lending in poor communities. The action marks the latest effort by state and local governments to punish the bank, whose reputation was battered by revelations that employees created fake accounts to meet sales quotas. In other developments, Wells Fargo is looking at moving some work offshore as it seeks to centralize functions and slash billions of dollars in costs.

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