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New York Wants to Cut Ties with Wells Fargo
[Photo: LaimerPramer / Wikimedia Commons]
New York City is the latest state or city to consider cutting business ties with the embattled San Francisco banking giant in the wake of a sham-accounts scandal that exploded in September.
Wells Fargo inked a contract with New York’s Department of Finance earlier this year to process credit-card transactions. The deal runs from 7/1/16 to 6/30/21, but can be terminated by the city “at any time and for any reason.” One reason would be that NYC lawyers made a determination that the relationship "may disclose litigation strategy or otherwise impair the conduct of litigation by the City.”
Should the city sever its business with Wells Fargo, it would follow San Francisco, Chicago - as well as the states of California and Illinois - which all ended various contracts for the next year or so.
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