The city of Philadelphia just gave Wells Fargo its walking papers

  • Wells Fargo has lost the contract it held for Philadelphia’s $2 billion payroll account.
  • The bank’s public standing continues to suffer even as it has sought to correct problems tied to the fake-account scandal.

Efforts by Wells Fargo to move beyond its bogus accounts scandal have been set back by the loss of a big government contract.

The Philadelphia City Council voted Monday to change handlers of its $2 billion payroll account, according to published reports. Instead of continuing the arrangement with Wells, the city chose to hire Citizens Bank for the next fiscal year starting in July.

Read on.

 

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