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Wells Fargo bails on Banc of California

Published 11/14/2016, 09:43 AM
Wells Fargo bails on Banc of California
WFC
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BANC
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  • Though operational trends remain strong, "reputational overhang" following claims of management conflicts of interest has Wells Fargo (NYSE:WFC) downgrading Banc of California (BANC flat) to Market Perform from Outperform.
  • Once a $22 stock, the price fell below $11 last month in the wake of those allegations, and is trying to climb back, currently at $13.90.

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