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Illinois to suspend billions' worth of state business with Wells Fargo

Illinois is set to suspend "billionsof dollars in investment activity" with Wells Fargo & Co. in the wake of the discovery that thecompany opened millions of unauthorized accounts for customers, according to a statementfrom state Treasurer Michael Frerichs.

California already most of its business dealings withthe company for the next 12 months.

Frerichs plans to reveal the detailsof the suspension Oct. 3, to include a ban from acting in the capacity of municipalbond underwriter, Reuters reported.

The bank also faces possible sanctionsin Chicago. Alderman Edward Burke, head of the Chicago City Council's finance committee,introduced an ordinance that would ban the city from doing business with Wells Fargo,Reuters reported.