“Wells Fargo is disappointed that the City of Seattle has decided to
cancel our investment in its municipal light and power revenue bonds
facility, which would have used the bank’s very strong balance sheet to
help the city manage its capital.
“We are proud of the support we have diligently and professionally
provided the city as its operating bank since 1999 to support its
government, communities, and residents. Our highly experienced and
proven government banking, securities, and treasury management teams
stand ready to continue delivering outstanding service to the City of
Seattle.
“We manage the city’s business in our Government & Institutional Banking
division, which is separate from our retail bank. We are taking
important steps to ensure that the sales culture in our retail banking
business is 100-percent aligned with our customers’ interests, including
ending product sales goals for everyone in the retail banking business
to make certain nothing gets in the way of doing what’s right for
customers.
“Wells Fargo will continue to serve our local customers and be the same
committed community partner in Washington, where in 2015 we donated more
than $3.8 million to nonprofits and schools. In addition, we earmarked
$248.5 million in community development loans and investments in support
of affordable housing, community service, and economic development.”
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Founded in 1852
and headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial finance
through more than 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com)
and mobile banking, and has offices in 36 countries and territories to
support customers who conduct business in the global economy. With
approximately 268,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was ranked No. 27
on Fortune’s 2016 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy our customers’ financial needs and help
them succeed financially. Wells Fargo perspectives are also available at Wells
Fargo Blogs and Wells
Fargo Stories.
