The decision pitted progressives against business-friendly council members, who suggested the move would be unfair to local employees.
Councilman John Courage proposed an amendment to remove Wells Fargo from a list of financial institutions serving as underwriters for the city's bond transactions for the next five years.Citing concerns about a long history of unethical business practices, members of the San Antonio City Council on Thursday kicked Wells Fargo off a list of financial institutions selected to serve as underwriters for the city’s bond transactions for the next five years.
The list of more than a dozen financial institutions approved Thursday includes J.P. Morgan Securities, Raymond James & Associates, and Morgan Stanley. Wells Fargo had been on the list of underwriters since 2017.Subscribe to our free daily newsletterSuccess! You're on the list. The list of underwriters compiled by city staff is designed to help San Antonio price its bonds. The financial institutions have relationships with investors and help the city facilitate transactions in the market, said Deputy Chief Financial Officer Troy Elliott.
Other council members contended that most big banks have been penalized over their business practices at some point, so it would be unfair to single out Wells Fargo. The council ultimately decided to wait a week to explore the records of other banks on the list. “We’ve instituted many more oversight and compliance procedures to make sure things like this would never happen again,” Young said.
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