It will take more than the retirement of Wells Fargo CEO John Stumpf to make California State Treasurer John Chiang change his mind about doing business with the bank again.
In September, the state suspended its relationship with Wells Fargo after the bank was accused of defrauding customers.
Stumpf retired effective immediately on Wednesday. President and Chief Operating Officer Tim Sloan was chosen to succeed him as CEO and Lead Director Stephen Sanger will serve as the board's non-executive chairman.
Chiang told CNBC's "Closing Bell" on Thursday he is going to watch the bank closely to make sure there is a change in culture and it returns to serving customers.
"If we're going to have more of the same, that's not acceptable," he said. "We are beyond the point of tweaking. We want to see fundamental reform of Wells Fargo before we make a decision."