2016 has not been kind to the nation’s largest banks, and Wells Fargo is no exception. Its recent performance was weighed down by troubles in the energy sector, as the bank has billions of outstanding loans out to oil and gas companies that are struggling to repay. It’s wealth management division will also now have to contend with the much-feared fiduciary rule, which will upend the way banks like Wells Fargo dispense financial advice. That said, the long term outlook for the bank is strong, as it surpassed Citigroup this year to become the third largest bank in America by assets, while it is nearly unrivaled in its focus on its main street customers who give the bank more than a trillion dollars in low cost deposits.
News about Wells Fargo
It will close more than 400 branches, and that's not the end of it.
One bank chief is skipping the World Economic Forum all together.
The bank has been mired in controversy caused by aggressive sales targets set for branch managers.
The company just sold a total of $2.1 billion in assets.
Videos about Wells Fargo
We're talking Linda McMahon, gender parity, and new pushes for diversity reports from activist investors. Tune in!
Brian Moynihan shares his thoughts.
Watch the headlines since the news broke.