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Fly News Breaks for March 13, 2019
WFC
Mar 13, 2019 | 07:43 EDT
While Wells Fargo's CEO Tim Sloan testified to the House Financial Services Committee, the more notable event yesterday was the "surprising" statement from Office of the Comptroller of the Currency rebuking the company, JPMorgan analyst Vivek Juneja tells investors in a research note. This raises the question of whether the OCC will push for any changes in the leadership of Wells, says the analyst. He believes that political and headline risks, as well as scrutiny from regulators, are likely to remain high for Wells Fargo over the next year or so, which will continue to pressure the stock. Juneja keeps an Underweight rating on the shares.
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