Philadelphia looks to drop Wells Fargo’s handling of city’s $2B payroll

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Philadelphia City Council has introduced legislation to remove Wells Fargo & Co.as the bank handling the city’s $2 billion payroll.

City Treasurer Rasheia Johnson’s office sent City Council the results of a request for proposal for the upcoming fiscal year that recommended replacing the San Francisco-based bank with Citizens Bank. Wells Fargo will maintain the remaining $1 billion in business with the city outside of payroll, as that work was not scheduled to be up for bid.

Read on.

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