Will the city finally hold banks responsible for failing to serve the community?
Wells Fargo, which spent $281 million on corporate philanthropy in 2016, is choosing to curtail a holiday tree-lighting event — at the very moment it is seeking to generate goodwill in the communities it serves.
A coalition of elected officials, local residents and community leaders are encouraging Los Angeles’ City Council to require that any bank it does business with not engage in the kinds of unethical practices that helped mire the city’s current bank, Wells Fargo, in scandal.
Earlier this month, the Seattle City Council voted not to renew its contract with Wells Fargo, pulling more than $3 billion in city funds from the Wall Street giant. And rightly so—Wells Fargo defrauded over two million of its own customers.
If you thought Wells Fargo’s fake account scandal was bad, get a load of this. Wells Fargo is one of six banks keeping the private prison industry in business.