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Sell-side bails on Wells Fargo after Fed action; shares -7.5%

Published 02/05/2018, 07:43 AM
© Reuters.  Sell-side bails on Wells Fargo after Fed action; shares -7.5%
JPM
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WFC
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MS
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  • There's five downgrades of Buffett's favorite bank so far, with JPMorgan (NYSE:JPM), RBC, and Morgan Stanley (NYSE:MS) cutting to Underweight (or its equivalent), and KBW and Citi to Neutral (or its equivalent).
  • For its part, Wells Fargo (NYSE:WFC) says it's confident it will satisfy the requirements of the consent order, which gives the bank 60 days to detail what's already been done and further plans to boost board oversight and not cheat its customers.
  • Shares -7.5% premarket
  • Previously: WFC -2.9% as Fed moves to oust four directors, put brakes on growth (Feb. 2)
  • Now read: The Federal Reserve's Extraordinary Wells Fargo Growth Restriction


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