Whoa! Hold them horses!
- Wells Fargo has lost the contract it held for Philadelphia’s $2 billion payroll account.
- The bank’s public standing continues to suffer even as it has sought to correct problems tied to the fake-account scandal.
Efforts by Wells Fargo to move beyond its bogus accounts scandal have been set back by the loss of a big government contract.
The Philadelphia City Council voted Monday to change handlers of its $2 billion payroll account, according to published reports. Instead of continuing the arrangement with Wells, the city chose to hire Citizens Bank for the next fiscal year starting in July.