* AP…

The Illinois state treasurer plans to announce that the state will suspend billions of dollars of investment activity with Wells Fargo.

Illinois Treasurer Michael Frerichs plans a Monday morning news conference in Chicago to give details about a moratorium on state business with Wells Fargo.

U.S. and California regulators have fined San Francisco-based Wells Fargo $185 million, saying employees who were trying to meet sales targets opened up to 2 million fake accounts without customers’ knowledge. The abuses are said to have gone on for years, unchecked by senior management.

* Reuters…

Wells Fargo made the list of 15 senior underwriters tapped by Illinois this month for bond sales over the next three years. A spokeswoman for Governor Bruce Rauner declined to comment on whether his office is rethinking Wells Fargo’s selection.

The presser started at 10 o’clock. A live stream is here.

…Adding… Bloomberg…

Chicago Treasurer Kurt Summers plans to divest $25 million the city has invested with Wells Fargo & Co. after the company admitted to opening potentially millions of bogus client accounts, joining state officials who have pulled business from the bank because of the scandal.

Summers, whose office manages the city’s $7 billion investment portfolio, plans to “unwind these assets as expeditious as possible in a fashion that is prudent and will protect taxpayer money,’’ according to a statement from his office sent to Bloomberg News.

“Today, the Office of the City Treasurer is proud to stand with working families from Chicago and across the nation by divesting in Wells Fargo & Co.,’’ according to the e-mailed statement. “Chicago deserves better.’’

*** UPDATE ***  I’m told the Rauner administration won’t be using Wells Fargo for any new bond sales “until further notice.” The administration hasn’t done any bond business with Wells Fargo to date, and it chose not to do business with Wells Fargo on the current bond deal that’s in progress.