Wells Fargo & Co. faces a possible ban from doing business in Chicago and Illinois, according to reports Friday, citing statements from city and state officials. Edward Burke, head of the Chicago’s finance committee, introduced an ordinance Friday that would ban the city from doing business with Wells Fargo for at least two years, according to reports from CNBC and Reuters. Similarly, Illinois Treasurer Michael Frerichs has scheduled a Monday press conference to announce plans to suspend billions of dollars of investment activity with Wells Fargo, according to reports. Wells Fargo has been under intense scrutiny from Congress recently for its business practices. Wells Fargo shares rose 0.4% to $44.44 after hours Friday.
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