Governor: Wells Fargo Has Lost the Right to do Business with State of Ohio

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October 14, 2016 4:17pm NYSE:WFC

Wells Fargo logoWells Fargo & Co (NYSE:WFC) can add Ohio to the growing list of states where it isn’t welcome to do business with state government anymore, with Governor John Kasich issuing a scathing statement today.


From Reuters:

Governor John Kasich announced that for one year he is barring Wells Fargo “participating in future state debt offerings and financial services contracts initiated by state agencies under his authority,” and will seek to exclude the California-based bank from participating in debt offerings initiated by the Ohio Public Facilities Commission.

Despite WFC’s weak physical presence in Ohio, Kasich has found another way to strike back at the embattled banking giant:

“While Wells Fargo only does limited retail banking in Ohio, it does regularly seek state bond business so I have instructed my Administration to seek services from other banks instead, and I’ll cast my votes against Wells Fargo on the Public Facilities Commission,” Kasich said in a statement.

Earlier this month, the city of Chicago and state of Illinois took similar measures against Wells Fargo, which is embroiled in an an account-opening scandal that recently caused its former CEO to step down.

This morning, the bank posted better-than-expected third quarter earnings results. WFC’s new CEO was recorded recently as saying that the scandal actually hasn’t affected their operations all that much.

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Wells Fargo shares closed at $44.71 on Friday, down $0.04 (-0.09%), coming within a dollar of its 52-week low of $43.55. Year-to-date, WFC stock has now lost 17.75% of its value.


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