- Sanctions announced by State Treasurer John Chiang include: Suspension of investments by the Treasurer's office in all Wells Fargo (WFC +0.1%) securities, suspension of the use of Wells Fargo as a broker-dealer for purchasing investments by his office, suspension of Wells Fargo as an underwriter on CA state bonds.
- The sanctions take effect immediately and will remain in place for one year.
- Chiang also plans to work with Calpers and Calsters - which combined have more than $2.3B invested in Wells Fargo - to pursue governance reforms, including the separation of the chairman and CEO roles.