Nevada Treasurer continues ties with Wells Fargo

By CHRIS SIEROTY
SPECIAL TO THE LAS VEGAS BUSINESS PRESS

Nevada’s treasurer said the state will maintain its business ties with Wells Fargo, but will continue to “closely monitor this situation,” amid the controversy over employees creating phony accounts.

State Treasurer Dan Schwartz said that “while many questions remain unanswered … we have spoken with a representative of the bank.”

“Wells Fargo has had a presence in Nevada for well over a century,” Schwartz said in a statement. “Punishing thousands of hard-working Nevadans who work at Wells Fargo for the actions of considerably fewer bad apples would not be fair.”

The major bank has been dealing with the fallout from the fake-account scandal that forced its CEO John Stumpf to retire.

Schwartz’s statement was a direct comment on California state Treasurer John Chiang’s announcement that the state would “suspend business ties with Wells Fargo for a year.”

“The treasurer’s office will continue to closely monitor the situation and take any further actions once the bank has had an opportunity to respond to its mistakes,” Schwartz said.

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