NEW YORK (TheStreet) -- Wells Fargo (WFC - Get Report) was suspended from having a business relationship with the state of Ohio and from participating in any bond offerings with the state for a year on Friday.
Ohio joins the growing list of states and municipalities barring Wells Fargo from doing business with them, including California, Illinois and Chicago.
The bank is being punished for an accounts scandal that involved some of its employees opening up to two million fake accounts for existing customers, in order to boost their sales numbers, to meet Wells Fargo's aggressive sales goals. Some customers were charged fees for these fraudulent accounts.
"How much is that affecting your company?" CNBC's Tyler Mathisen asked Wells Fargo CFO John Shrewsberry on Friday afternoon's "Closing Bell."
"Because of the size of Wells Fargo and because of the diversification of our business it doesn't have an impact - a measurable impact - on our aggregate results," Shrewsberry answered.
The division that is being banned by the different states and municipalities is a part of Wells Fargo's wholesale banking business, which includes corporate lending and underwriting, he noted. A "handful of customers" from that portion of the bank has suspended business, he admitted.
Wells Fargo will "compete fiercely" to win those customers back once the suspension periods are over, Shrewsberry claimed.
"Those are customers who we really want to win the business back from," he explained.
However, the punishment will not necessarily be felt by the bank in the meantime.
"Not a big mover for the company overall," Shrewsberry concluded.
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TheStreet Ratings team rates Wells Fargo as a Buy with a ratings score of B. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks the team covers.
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