November 3, 2016 / 6:26 PM / 3 years ago

Pennsylvania Treasury suspends Wells Fargo from trading

The logo and trading information for Wells Fargo are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 14, 2016. REUTERS/Brendan McDermid

(Reuters) - Pennsylvania Treasurer Timothy Reese said on Thursday that he suspended Wells Fargo & Co (WFC.N) from any treasury investment or trading activities in the state for a year because of its “fraudulent” accounts scandal.

The Pennsylvania Treasury said it will continue to monitor the situation and may re-evaluate the bank’s status if it showed progress in reforming its operations and culture.

Wells Fargo has faced intense regulatory scrutiny since September over the opening of as many as 2 million unauthorized accounts, a scandal that led to the departure of John Stumpf, former chief executive, last month.

Reporting by Nikhil Subba in Bengaluru; Editing by Martina D'Couto

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