Tag Archives: Wells Fargo

The city is stuck with Wells Fargo for a few more years

You may recall that last year the City told Wells Fargo Bank that it would not be renewing its contract for bank depository service, and began the process of issuing an RFP for a new bank.  Yesterday morning the Council got an update on that process, and the news is not good — though it may expedite the process of achieving the city’s long-term goal of running its own bank.

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Wells Fargo sends new letter to city, offers to end contract early

Yesterday Wells Fargo Bank sent a letter to the City of Seattle in response to the Council’s action to cut its business ties with the bank. In the letter, Wells Fargo’s Head of Government and Institutional Banking expresses its disappointment with the decision, invokes some concern trolling over the resulting “unintended consequences for taxpayers,” and defends its investment in the Dakota Access Pipeline project.

The letter departs from the humble, apologetic tone of their last letter and disingenuously skips over or distorts inconvenient facts. Let’s dig in.

Continue reading Wells Fargo sends new letter to city, offers to end contract early

Burgess releases alternative bill to cut ties with Wells Fargo

Earlier this month, Council member Tim Burgess let it be known that he was working on an alternative version of a bill, introduced by Council member Kshama Sawant, that cuts the city’s ties with Wells Fargo and raises the bar for the “social responsible business practices” of the city’s banking services vendors. This morning he shared his version with his fellow Council members and the public. And in a surprise move, Sawant embraced it.

Continue reading Burgess releases alternative bill to cut ties with Wells Fargo