Wells Fargo (WFC, $36.40) reportedly gets Fed's nod on overhaul plan
The Federal Reserve has reportedly told Wells Fargo that they have accepted the bank's plan to overhaul its risk management and governance.
According to Bloomberg, CEO Charlie Scharf’s team submitted the revised plan in September. This followed the Federal Reserve's directive that prohibited the bank from raising its assets beyond their year-end 2017 level until it implemented certain reforms (since Wells Fargo was found to have defrauded customers by setting up unauthorized accounts).
To get the asset cap removed, Wells Fargo has to undergo 4 steps: executives have to submit plans on improving risk management and increasing the Board’s effectiveness; then get those plans approved by the Fed; implement the plans; and go for a third-party review, which could take months. Following these steps, the entire Fed board will have to agree to lift the sanction.
Momentum Indicator for WFC turns negative, indicating new downward trend
WFC saw its Momentum Indicator move below the 0 level on September 06, 2024. This is an indication that the stock could be shifting in to a new downward move. Traders may want to consider selling the stock or exploring put options. Tickeron's A.I.dvisor looked at 88 similar instances where the indicator turned negative. In of the 88 cases, the stock moved further down in the following days. The odds of a decline are at .
Notable companies
Industry description
Market Cap
High and low price notable news
Volume
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
General Information
a major bank
Industry MajorBanks