Illinois Treasurer Michael Frerichs has halted $30 billion in state investments with Wells Fargo.
The bank is currently embroiled in a scandal over the opening of fraudulent customer accounts.
"According to their own admission, Wells Fargo employees fraudulently opened approximately two million unauthorized deposit, credit card, debit card, and online banking accounts for its customers from 2011 to 2015," Frerichs' office noted in a news advisory. "During the five-year period, the company extracted millions of dollars in fraudulent fees and damaged many customers' credit records, forcing them to pay higher interest rates on loans.
Frerichs announced his plans to "cut off billions in investment activity with Wells Fargo" Monday morning.
In Chicago, City Treasurer Kurt Summers is also set to "unwind" $25 million the city has invested with Wells Fargo.
Additionally, Chicago City Council Finance Committee Chairman Ed Burke (14th) proposed a measure last week to ban city business with Wells Fargo for two years.
"The City Council should not engage in any business for the next two years with this institution that has deceived, defrauded and duped its customers," Burke said in a press release.