Time to Dump Wells Fargo Stock

TIME TO DUMP WELLS FARGO
STOCK
By www.ProfitableTradingTips.com

http://profitabletradingtips.com/profitable-trading-tips/time-to-dump-wells-fargo-stock
Is it time to dump Wells Fargo stock
before things go from bad to worse
with the banking giant?

According to cnbc it is time to sell
Wells Fargo stock.

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wells fargo has displayed behavior
that is “beyond outrageous” and
investors should dump the stock,
according to banking analyst dick
bove.

a day after news broke that the
second-largest bank in the u.s. by
assets paid a $185 million fine for
what regulators called “widespread
illegal” sales practices, bove ripped
the company and gave it the only sell
rating in his entire 35-bank coverage
universe.

The bank is hunkering down and
lawyering up so it admits no wrong
doing despite having fired more than
5,000 employees who tampered with
client accounts.

authorities accuse wells fargo of
creating accounts for customers
across multiple product lines without
telling them.

employees would, for instance, issue
atm cards, falsely tell customers that
certain products had to be bought in
tandem with others, and conduct a
number of other schemes to boost
their sales numbers, according to
allegations.

it was all part of a high-pressure
sales culture and ultimately,
according to the company, would
result in the firing of some 5,300
workers at multiple levels.

Mr. Bove suggests that Wells Fargo
need to do something big, dramatic
and right in order not to lose the bulk
of its customers, like forgive all
student debt!

In the meantime if you own any it
may still be time to dump Wells
Fargo stock.

Is This the Tip of the
Iceberg?

Considering the magnitude of this
problem it is difficult to imagine how
bad oversight was a Wells Fargo.

And, if something this glaring was
going on, what else is wrong at the
banking giant?

Amazingly the person who oversaw
the division where this went on has
retired with praise from the company
and did not have to pay back
anything to the bank or customers
for their losses.

fortune describes how Carrie Tolstad
was referred to as a standard
bearer for the bank.

wells fargo & co’s wfc -0.37%
“sandbagger”-in-chief is leaving the
giant bank with an enormous pay
day-$124.6 million.

in fact, despite beefed-up “clawback”
provisions instituted by the bank
shortly after the financial crisis, and
the recent revelations of massive
misconduct,

it does not appear that wells fargo is
requiring carrie tolstedt, the wells
fargo executive who was in charge of
the unit where employees opened
more than 2 million largely
unauthorized customer accounts

a seemingly routine practice that
employees internally referred to as
“sandbagging”-to give back any of
her nine-figure pay.

This is going back on a promise that
the big banks made after the
financial crisis that wrongdoers
would not get huge paydays in return
for conduct that harmed customers.

Wells Fargo Stock

WFC stock peaked at just under $58
a share in mid-2015 and has slid to
the $50 range.

Surprisingly the news of misdoing
only took the stock down to $48 and
it has come back a bit.

However, Democratic senators are
calling for a banking committee
investigation.

Our concern is that there is more to
the story of mismanagement and
more bad news to come.

Thus it is time to dump Wells Fargo
stock at least until the dust clears
and maybe forever.

Time to Dump Wells Fargo Stock

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Time to Dump Wells Fargo Stock