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University of California breaks with Wells Fargo over values



The University of California is the latest to tell Wells Fargo it is taking its banking business elsewhere. UC canceled $475 million in business with the bank, including a $300 million line of credit.

The university was under pressure from the Afrikan Black Coalition over Wells Fargo’s investments in private prisons, but a university spokesman said the move was spurred by Wells Fargo’s scandal over unauthorized bank and credit card accounts.

The city of Seattle has moved to end $3 billion in business with the bank over its direct lending on the Dakota Access pipeline.

Photo credit: Rasheed Shabazz via Afrikan Black Coalition

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