Illinois to yank billions from Wells Fargo amid scandal

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Elizabeth Warren: Wells Fargo CEO should resign

The Illinois treasurer plans to yank billions of dollars worth of business from Wells Fargo in the wake of the bank’s fake account scandal.

State treasurer Michael Frerichs said in a media advisory that he plans to “suspend billions of dollars in investment activity.” His office described the action as a “moratorium,” and said more details are expected to be announced Monday.