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03

Chicago to Pull $25 Million From Wells Fargo After Scandal

By Tony Seruga

Kurt Summers plans to unwind assets as soon as possible
Summers manages Chicago’s $7 billion investment portfolio

Chicago Treasurer Kurt Summers plans to divest $25 million the city has invested with Wells Fargo & Co. after the company admitted to opening potentially millions of bogus client accounts, joining state officials who have pulled business from the bank because of the scandal.

Summers, whose office manages the city’s $7 billion investment portfolio, plans to “unwind these assets as expeditious as possible in a fashion that is prudent and will protect taxpayer money,’’ according to a statement from his office sent to Bloomberg News…

Chicago to Pull $25 Million From Wells Fargo After Scandal

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