Ohio is dumping Wells Fargo after John Kasich called the bank a 'disgrace' (WFC)

John Kasich is furious at Wells Fargo, and now his state is refusing to do business with the bank for at least one year.

In an interview with Business Insider on Thursday, the Ohio governor and one-time 2016 Republican presidential contender said Wells Fargo executives should be held accountable for the bank's recent fraudulent-accounts scandal.

And on Friday, Kasich announced Ohio was suspending its business with the bank for one year. This will include using Wells Fargo to issue debt or bid for financial-services contracts. The decision applies to state agencies under Kasich's authority.

That follows similar suspensions by California and Illinois.

"It's clear that Wells Fargo's culture was compromised by greed and by a desire to make money that was stronger than a commitment to following proper ethical standards," Kasich said in a statement announcing the move on Friday.

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MT. PLEASANT, SC - FEBRUARY 10: Republican presidential candidate John Kasich talks to an overflow crowd outside of Finn's Brick Oven Pizza February 10, 2016 in Mt. Pleasant, South Carolina. The South Carolina Republican primary will be held Saturday, February 20. (Photo by Sean Rayford/Getty Images)
11/3/95 - Rep. John R. Kasich (R-OH), seated 2nd from left, and Sen. Pete V. Domenici (R-NM) in the dark suit standing, go over their response to President Clinton's radio address just prior to recording the radio broadcast in the Senate studio. Kasich was casually dressed as the House was out of session for the weekend. (Photo by Robert A. Reeder/The Washington Post/Getty Images)
D:\BOB\budget3.tif - slug: NA/BUDGET date: May 2, 1997 photog: Robert A. Reeder TWP The Rotunda of the Capitol description: GOP happy with their signed budget John R. Kasich (R-OH) is having a particularly good time during the GOP announcement of a new budget in the Rotunda of the Capitol. In front of him is Speaker Newt Gingrich. (Photo by Robert A. Reeder/The Washington Post/Getty Images)
P 350430 022 2May99 Manchester, Nh John Kasich (R-Oh), At The First-In-The-Nation Primary Kick-Off Weekend. (Photo By Jonathan Elderfield/Getty Images)
UNITED STATES - FEBRUARY 02: HOUSE ARMED SERVICES--John R. Kasich, R-Ohio, and Duncan Hunter, R-Calif., talk during House Armed Services Committee hearing on the president's fiscal year 2000 defence budget authorization budget request. (Photo by Douglas Graham/Congressional Quarterly/Getty Images)
Former Ohio congressman John Kasich attends the Republican National Convention at the Xcel Energy Center in St. Paul, Minnesota, Wednesday, September 3, 2008. (Photo by Harry E. Walker/MCT/MCT via Getty Images)
WASHINGTON, DC- Dec. 01: Governor-elect John Kasich, R-Ohio, and House Minority Leader John A. Boehner, R-Ohio, during a news conference after their meeting with other Republican members and governors-elect. Boehner is the presumed House Speaker for the 112th Congress. (Photo by Scott J. Ferrell/Congressional Quarterly/Getty Images)
John Kasich, governor of Ohio, speaks during a groundbreaking ceremony for the Cleveland Medical Mart and Convention Center in Cleveland, Ohio, U.S., on Friday, Jan. 14, 2011. The Cleveland Medical Mart and Convention Center will include a 100,000 square foot medical mart and an adjoining convention center with 230,000 square feet of exhibit hall space. The facility is expected to open in September 2013. Photographer: David Maxwell/Bloomberg via Getty Images
COLUMBUS, OH - MARCH 30: Ohio Governor John Kasich works long hours with staff on his new budget proposal at his office, in the Ohio State House office, Columbus, Ohio, Wednesday, March 30, 2011. Newly elected republican Ohio Governor John Kasich is working toward to balancing an Ohio budget in deficit through a budget proposal with extensive budget cuts, spending reform, and changes in labor laws, including restrictions on collective bargaining. (Photo by Melina Mara/ The Washington Post via Getty Images)
US Republican presidential candidate and former Massachusetts Governor Mitt Romney (2nd L) waves alongside Ohio Republican Senator Rob Portman (L) and Ohio Governor John Kasich (R) during a campaign stop at Tom's Ice Cream Bowl in Zanesville, Ohio, on August 14, 2012. AFP PHOTO / Saul LOEB (Photo credit should read SAUL LOEB/AFP/GettyImages)
UNITED STATES - AUGUST 28: Ohio Gov. John Kasich speaks at the 2012 Republican National Convention at the Tampa Bay Times Forum. (Photo By Chris Maddaloni/CQ Roll Call)
COLUMBUS, OHIO - JULY 21: Ohio Governor John Kasich gives his speech announcing his 2016 Presidential candidacy at the Ohio Student Union, at The Ohio State University on July 21, 2015 in Columbus, Ohio. Kasich became the 16th candidate to officially enter the race for the Republican presidential nomination. (Photo by Ty Wright/Getty Images)
CONCORD, NH - FEBRUARY 09: Republican presidential candidate Ohio Governor John Kasich waves to the crowd after speaking at a campaign gathering with supporters upon placing second place in the New Hampshire republican primary on February 9, 2016 in Concord, New Hampshire. Kasich lost the Republican primary to Donald Trump, though he upset fellow Republican governors Chris Christie and former Governor Jeb Bush. (Photo by Andrew Burton/Getty Images)

During his interview with Business Insider, Kasich called the scandal "a disgrace."

"And everybody who was involved in that culture should be held accountable," he said.

He added that the board also holds "a certain accountability" for not paying attention to "the quality of the people" running the bank.

Wells Fargo announced on September 8 that the bank was settling with regulators for $185 million after retail banking employees opened up to 2 million debit and credit card accounts under customers names without their knowledge between 2011 and 2015.

Kasich said executives should not "walk out of that place with millions, tens of millions, tens and tens of millions of dollars" while 5,300 lower-level employees were fired for opening or overseeing the opening of fake accounts.

"It's just an outrage," he said. "It's people who have forgotten decent values towards other people."

John Stumpf resigned as CEO on Wednesday and was replaced by former COO Tim Sloan, a 29-year-veteran of Wells Fargo. Stumpf also had $41 million in stock-based compensation clawed back by the bank before his retirement.

Kasich said that there might be some "reasonable approaches" that could be effective in curtailing the type of behavior that took place at Wells, but it ultimately came down to the companies to police themselves.

"In terms of what law you could pass, I don't know," Kasich told Business Insider. "I mean if there was something specific that made sense then I'd be OK with that. I would favor that. But just passing something without having a great impact, look, laws only go so far, it's an individual morality that at the end of the day in values that matters in these companies."

Despite the scandal, Wells Fargo still posted stronger than expected earnings on Friday and said the loss of state business was not a serious detriment to their bottom line.

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