Wells Fargo (WFC) 'Disappointed' Chicago City Council Has Chosen to Suspend Relationship

October 5, 2016 1:11 PM EDT

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“Wells Fargo (NYSE: WFC) is disappointed that the Chicago City Council has chosen to suspend a relationship with one of the nation’s safest and strongest financial institutions at a time when the city needs access to dependable financial partners.

“We have diligently and professionally worked with the city since 1970 to support its government, communities, and residents. Our highly experienced and proven government banking, securities, and treasury management teams stand ready to continue delivering outstanding service to the city. Since 2006, Wells Fargo has underwritten $4.7 billion of debt issued by the City of Chicago and its sister agencies, of which nearly $1.6 billion was senior-managed by Wells Fargo.

“We manage the city’s business in our Government & Institutional Banking division, which is separate from our retail bank. We have no bank branches in the city. We will continue to serve our local customers and be the same committed community partner in this city, where in 2015 we donated more than $2.8 million to 382 nonprofits, gave more than $803,700 to match our team members’ gifts to 370 educational institutions and foundations, and totaled $1.4 million in team member contributions to local nonprofits through our annual Community Support and United Way Campaign.”

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