California imposes sanctions on Wells Fargo amid scandal

California's state treasurer announced his office is suspending major parts of the state's business relationship with Wells Fargo over the company's phone accounts scandal.

"How can I continue to entrust the public's money to an organization which has shown such little regard for the legions of Californians who have placed their well-being in its care?" John Chiang asked in a letter to Wells Fargo.

The sanctions mean California will stop buying Wells Fargo's debt securities, will no longer use the company as a broker-dealer for buying securities and will cease hiring Wells Fargo to underwrite bonds.

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