In light Wells Fargo's banking scandal, the City of Seattle will no longer work with the bank as a lender on a $100 million bond financing for Seattle City Light.
City of Seattle mayor Ed Murray, council president Bruce Harrell and finance and budget committee chair Tim Burgess signed the letter, saying they believed that Wells Fargo was socially responsible with its banking practices.
Wells Fargo has faced weeks of scrutiny since federal regulators announced that it created two million fake accounts, most likely to meet sales goals.
In the letter, the city leaders stated that the $100 million bond financing for Seattle City Light was on track to close this month.
The leaders demand that in order for the bank to re-establish a relationship in the future, it must provide detailed information on how it intends to rectify the situation.
KIRO 7 News obtained the letter the leaders wrote. Read it below:
Wells Fargo released the following statement to KIRO 7 after we broke the story of the city's letter:
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