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Seattle cancels $100M financing deal with Wells Fargo

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Seattle cancels $100M financing deal with Wells Fargo

The City of Seattle has canceled a $100 million financing dealwith Wells Fargo & Co.,The Associated Press reported.

Citing a letter from Mayor Ed Murray, City Council PresidentBruce Harrell and Finance and Budget Committee Chairman Tim Burgess sent to -hitWells Fargo on Oct. 7, the report noted that Seattle would not work with the bankas a bond lender for City Light because the people of the city "expect farbetter" from its business partners.

In a statement, Wells Fargo said that it manages the city's businessin its government and institutional banking division, which it said is separatefrom its retail bank.

"Wells Fargo is disappointed that the City of Seattle hasdecided to cancel our investment in its municipal light and power revenue bondsfacility, which would have used the bank's very strong balance sheet to help thecity manage its capital," the Wells Fargo statement said.

The Chicago City Council took a similar action against Wells Fargo, which was fined by regulators for openingaccounts under customers' names without their knowledge or consent.