Pennsylvania Treasury suspends Wells Fargo from trading

November 3, 2016 2:26 PM EDT

The logo and trading information for Wells Fargo are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 14, 2016. REUTERS/Brendan McDermid


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(Reuters) - Pennsylvania Treasurer Timothy Reese said on Thursday that he suspended Wells Fargo & Co (NYSE: WFC) from any treasury investment or trading activities in the state for a year because of its "fraudulent" accounts scandal.

The Pennsylvania Treasury said it will continue to monitor the situation and may re-evaluate the bank's status if it showed progress in reforming its operations and culture.

Wells Fargo has faced intense regulatory scrutiny since September over the opening of as many as 2 million unauthorized accounts, a scandal that led to the departure of John Stumpf, former chief executive, last month.

(Reporting by Nikhil Subba in Bengaluru; Editing by Martina D'Couto)



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