Illinois state Treasurer Michael Frerichs (FRAYR'-ikz) says Wells Fargo will lose millions of dollars in fees after the state suspended $30 billion in investment activity with the troubled bank Monday.
Frerichs made the announcement at a news conference in Chicago after U.S. and California regulators fined San Francisco-based Wells Fargo $185 million. A federal consent order found employees trying to meet sales targets opened up to 2 million accounts without customers' knowledge.
Continue Reading Below
Wells Fargo spokesman Gabriel Boehmer (BOH'-mur) says the company has worked with Illinois since 1970 through operations separate from the retail bank blamed for the wrongdoing.
Boehmer says Wells Fargo is sorry for the retail bank incidents and has taken steps "to address these issues and rebuilding the state's trust."
Video of the news conference: https://www.youtube.com/watch?v=cI2opV2cM-o