Wells Fargo stock falls following OCC enforcement action

Wells Fargo (WFC) shares fell after the bank entered an agreement with the Office of the Comptroller of the Currency (OCC) to address what the agency calls "deficiencies relating to the bank’s financial crimes risk management practices and anti-money laundering internal controls."

In the video above, Market Domination anchors Julie Hyman and Josh Lipton discuss the action.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Stephanie Mikulich.

Video Transcript

We want to check on shares of Wells Fargo.

They are under pressure.

But off earlier lows the bank making a formal agreement with the office of the Comptroller of the currency that identified deficiencies relating to its financial crimes, risk management practices and anti money laundering internal controls.

Now at one point, the shares were down more than 6% when these headlines first started to come out, which was just a short while ago, they recovered a little bit but still lower here.

I mean, Wells Fargo has been under an investigation of one kind or another for quite a long time.

Yeah, the the bank saying we're going to address a substantial portion of what's required in the formal agreement committed to completing the work with the same sense of urgency as our other regulatory uh commitments.

You look at the stock this year, Julie, it hasn't done a whole lot you today up about single digits.

And what's interesting is the street is just evenly perfectly divided on what to do with this name at this point.

Yeah, and perhaps not surprising given that this has been something of an overhang.

So we'll keep on watching it, see if there are any other developments.