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California sanctions against Wells Fargo gets 1-year extension

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California sanctions against Wells Fargo gets 1-year extension

California State Treasurer John Chiang extended for a second year the suspension of the state's business relationships with Wells Fargo & Co.

The sanctions include the suspension of the Treasurer's Office's investment in Wells Fargo securities, use of Wells Fargo as a broker/dealer for the purchase of investments, the bank as a managing underwriter on negotiated sales of California bonds where the state treasurer can choose the underwriter.

Chiang cited the bank's "opaque manner" of doing business and the "frequency of new disclosures of wanton greed and lack of institutional control" for making the decision. The decision also considered the bank's failure to respond to demands for greater bank accountability amid the initial revelations that it defrauded account holders.

Last week, Ohio extended for six months its ban on business with Wells Fargo.