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
Wells Fargo is out—and McDonald’s is back. Who else rose or fell?
After its massive unauthorized accounts scandal.
It's the first American city to cut ties with a bank in protest of the controversial oil pipeline
Videos about Wells Fargo
Wells Fargo was both the buyer and seller
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.