However, Wells Fargo has been feeling the pressure lately in recent quarters due to multiple probes into its sales practices. In 2016, Wells Fargo fell under public scrutiny when news surfaced that retail bank employees created fake accounts in customers names in order to meet its sales targets. These issues spilled over to other areas of its business, including auto lending and mortgages.
Related: Earnings Season Friday for J.P. Morgan, Wells Fargo, Citi, PNC
A change of leadership with a new CEO took place later that same year, but then earlier this year, the Federal Reserve capped Wells Fargo’s assets, saying that it needed to improve its operational controls. In June, the Fed gave Wells Fargo the green light to repurchase $24.5 billion of its stock–twice the amount it purchased last year and raised its quarterly dividend by four cents to 43 cents a share.
For more market trends, visit ETFTrends.com