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Wells Fargo said it values the business of Massachusetts and “will work to earn it back” after the state Treasury on Monday moved to ban the scandal-plagued bank from handling the state’s most common bonds for at least a year.

The state does relatively little business with Wells Fargo, but Treasurer Deborah Goldberg directed staff to remove the financial services giant from her office’s list of approved debt underwriters.

Massachusetts joined California, Illinois, and Ohio in cutting ties amid a controversy that saw thousands of lower-level employees open fake accounts for customers, an act that has been largely blamed on company incentive structures. Wells Fargo’s former chief executive, John Stumpf, stepped down last week and the bank has agreed to pay $190 million as a penalty.

In its statement, Wells Fargo said it has 1,300 employees in the state and that it donated $1.3 million in 2015 to schools and nonprofits in the region. The business also said its work with government agencies is separate from its retail bank division, where the scandal exploded.

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Treasury spokeswoman Chandra Allard on Monday said the removal of Wells Fargo from the debt underwriter list was a “first step” as Goldberg continues to look into the state’s connections with the bank. Goldberg “isn’t convinced that Wells Fargo has grasped the level of seriousness of their actions nor have they addressed systemic failures within their organization,” Allard said.

Four members of the state’s Congressional delegation wrote Goldberg prior to her office’s announcement Monday, calling on her to end the state’s relationship with Wells Fargo.

Senator Elizabeth Warren has been a vocal critic during the bank’s scandal, and called for Stumpf’s resignation before he agreed to do so.

The reaction among Massachusetts politicians has been bipartisan. Republican Governor Charlie Baker also said he felt Stumpf should resign in September.

In a statement on Goldberg’s action, Baker spokesman Brendan Moss said “the administration respects the treasurer’s authority to make banking decisions for the Commonwealth.”

Title:
Mass. banned Wells Fargo from state bond work. Here’s the bank’s response