This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Lobby of an office building facing the entrance with persons walking into the building. On the congressional oversight side, Cowen analyst Jaret Seiberg cited comments made by Rep. Maxine Waters, D-Calif., and chairwoman of the House Finance Services committee. That was good news. “The company itself obviously has a series of extraordinary businesses and there is no difference now,” Scharf told analysts Sept. 27. Bove, who has a well-earned reputation for pulling no punches with his analysis, had raised Wells Fargo from “hold” to “sell” in August. Waters has said she wants “special attention” in Congress placed on the bank’s new chief executive, Charles Scharf, and a board that had underwent significant personnel changes the past 3¼ years. 'You want to fade this rally,' top Wells Fargo market strategist says Published Wed, Nov 4 2020 7:13 PM EST Updated Fri, Nov 6 2020 1:08 PM EST Stephanie Landsman @stephlandsman Please subscribe to keep reading. All of them trailing the market. It feels like this really is a value play. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. The financial sector has been beaten down tremendously in 2020, and Wells Fargo (NYSE:WFC) has been hit harder than most. Spending in the private-label card market rose to about $191 billion last year, but Wells Fargo isn’t among the top five firms there, and it’s unclear how much its retail-financing unit is worth. They're not going to go away anytime soon. The ranking for 2020 actually represented a one-spot improvement for Wells Fargo, which was listed with a “very poor” reputation status. There's stuff going on within this company that hasn't fully really been fixed yet. They were regularly trading at one and a half times book or even more. If there is one large bank that needs some help on its reputation and on recapturing some serious losses felt by investors, Wells Fargo & Company (NYSE: WFC) fits the bill over all others. We apologize, but this video has failed to load. I won’t come in with any preconceived notions. Powered and implemented by Interactive Data Managed Solutions. Read more about cookies here. You looking at this more as a value player? We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. He said at that time “I am convinced that the company will recover.”. Bove, who has a well-earned reputation for pulling no punches with his analysis, had raised Wells Fargo from “hold” to “buy in August. In the past week, two banking analysts predicted Wells Fargo’s financial, regulatory and political challenges will continue well into the new year. “We could also see Wells Fargo Chairwoman Betsy Duke summoned to Capitol Hill.”. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. {{start_at_rate}} {{format_dollars}} {{start_price}} {{format_cents}} {{term}}, {{promotional_format_dollars}}{{promotional_price}}{{promotional_format_cents}} {{term}}, a ranking of the 100 most visible companies in America, Bumpy ride: Wells Fargo disappoints legacy Wachovia shareholders, Novant to raise minimum wage to $15 an hour. @themotleyfool #stocks $WFC $BAC $MS, Criticized Loans Are Stabilizing at Many of the Large Banks, These 3 Value Stocks Are Absurdly Cheap Right Now, 2 Potential Suitors for Wells Fargo's Asset Management Business, Low Interest Rates Aren't the Biggest Problem Facing Banks, Copyright, Trademark and Patent Information. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell My Personal Information | Ad Choices  Wells Fargo & Company Announces Redemption of its Series T Preferred Stock and Related Depositary Shares. The closest thing to a pure savings and loan that we're getting out of the big banks. They were the only of the big banks I think that actually had to build their reserves this quarter. Initial unemployment insurance benefit claims in North Carolina continued to shrink last week, the U.S. Labor Department reported Thursday. then {{format_dollars}}{{start_price}}{{format_cents}} per month. Since the fall of 2016, Wells Fargo has agreed to pay more than $4 billion to settle various regulatory disputes, including $2.09 billion announced in August 2018, $1 billion announced in April and $575 million in December 2018.

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