Wells Fargo (WFC) Is About To Lose A Big Customer

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Chicago Treasurer Kurt Summers has announced plans to divest $25 million that the city has invested with Wells Fargo & Co.

Wells Fargo has been under scrutiny for admitting to the opening of potentially millions of bogus client accounts.

Summers’ office manages Chicago’s $7 billion investment portfolio, and he plans to “unwind these assets as expeditious as possible in a fashion that is prudent and will protect taxpayer money.” This is according to a statement from his office sent to Bloomberg News.

“Today, the Office of the City Treasurer is proud to stand with working families from Chicago and across the nation by divesting in Wells Fargo & Co.,’’ according to the e-mailed statement. “Chicago deserves better.’’

Disclaimer: We have no position in Wells Fargo & Co (NYSE: WFC) and have not been compensated for this article.