Treasurer: Arizona Does Not Need To Divest Itself From Wells Fargo

Published: Thursday, October 6, 2016 - 9:34am

In light of a scandal involving fraudulent accounts, Arizona’s treasurer believes the state does not need to divest itself from Wells Fargo Bank.

Jeff DeWit said the state had to choose between Wells Fargo and Bank of America earlier this year for its banking business, and thankfully chose the latter.

DeWit, who also serves as the Trump campaign’s chief operating officer, spoke at the rally for the Republican nominee in Prescott Valley on Tuesday. 

“Had we gone with Wells Fargo, we’d have bigger issues right now. But since we went with B of A, we have little or no exposure to Wells Fargo right now," said DeWit.

So little exposure that DeWit feels the state does not need to divest itself completely from the bank, which remains a major employer in Arizona.   

Wells Fargo employees have been accused of opening more than 1 million fake bank accounts and signing up customers for products and services they never consented to.