A flag waves exterior of a Wells Fargo financial institution department October 3, 2008 in San Francisco.Justin Sullivan | Getty Photos Information
A flag waves exterior of a Wells Fargo financial institution department October 3, 2008 in San Francisco.
Justin Sullivan | Getty Photos Information | Getty Photos
Wells Fargo remains to be tainted by its greater than 3-year-old phony accounts scandal and has some main hurdles forward, in accordance with Raymond James.
The agency downgraded shares of Wells Fargo to underperform from market carry out, saying the financial institution is in for a rocky new 12 months.
“Stigma round Wells’ account scandal nonetheless lingers, as anecdotal proof suggests the financial institution continues to lose clients and revenue-producing bankers, and struggles to recruit high quality expertise,” Raymond James banking analyst David Lengthy stated in a notice to purchasers on Monday.