California just dealt another blow to Wells Fargo

The state of California will no longer use Wells Fargo as an underwriter for the issuance of state municipal bonds according to Bloomberg. California is the largest issuer of municipal bonds and the home state of Wells Fargo.

The decision comes after Wells has been embroiled in a scandal. Employees of the bank opened roughly 2 million fake accounts without the knowledge of customers between 2011 and 2015.

More to come...