Los Angeles Cuts off Wells Fargo

October, 6, 2017 - Los Angeles Cuts off Wells Fargo, Pays $3.14B in Debt Service - Excerpt: This weekend in Los Angeles, the divestment movement achieved a mostly quiet, but major, victory. On Friday, the city released its request for proposals to service the city’s banking needs. The RFP lays out the various needs that a large city like Los Angeles has when managing cash, purchasing, merchant transactions and lines of credit. But one tidbit, which went mostly unnoticed by the press, rings loudly in the ears of divestment groups and banks alike.

This is a great victory for DivestLA and the environmental and indigenous rights groups that put the pressure on city hall to do something about Wells Fargo’s anti-social behaviour.

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