The Texas Attorney General’s Office ruled that Wells Fargo & Co. can continue underwriting municipal-bond transactions in the state after probing the bank’s policies on the firearms industry.
It’s a win for Wells Fargo’s public finance department, allowing it to maintain its presence in the top market for municipal-bond deals this year. The San Francisco-based bank is the sixth-biggest underwriter in the US muni market overall.
Leslie Brock, the chief of the AG’s public finance division, wrote in a letter to bond counsel on Friday that the bank complies with the rules.
Bloomberg Markets
By Amanda Albright
August 25, 2023