NEWS: WELLS FARGO BANK FACING POSSIBLE BANS IN CHICAGO

Wells Fargo & Co (WFC.N) faces possible bans from doing business with the city of Chicago and the state of Illinois in the wake of its sales scandal that erupted earlier this month.

Alderman Edward Burke, who heads the Chicago City Council's finance committee, introduced an ordinance on Friday that would suspend the bank from acting in several capacities, including as a municipal depository, bond underwriter and financial adviser.

"The city council should not engage in any business for the next two years with this institution that has deceived, defrauded and duped its customers," Burke said in a statement.

(link below)

http://www.reuters.com/article/us-wells-fargo-accounts-chicago-