Seattle leaders break ties with Wells Fargo after ‘reprehensible’ practices
The City of Seattle is breaking ties with Wells Fargo after revelations that the bank opened accounts nationwide without the knowledge of the account holders.
Seattle city leaders were considering taking out a $100 million loan from Wells Fargo to cover a Seattle City Light bond. In a letter Friday, city leaders say they’re calling off the contract before it’s finalized this month.
Seattle Mayor Ed Murray, Council President Bruce Harrell and Tim Burgess, the chair of the council’s finance committee, sent the letter.
They call it reprehensible that Wells Fargo employees opened accounts without customer approval. The letter goes on to say those actions harmed the bank’s relationship with institutional customers like the City of Seattle.
The mayor’s office says the city will go back and review the other competitors for the City Light loan.