Past Scandals Continue to Plague Wells Fargo, But I Still Like the Stock
The last six years have not been easy for Wells Fargo (NYSE: WFC) since the bank's phony-accounts scandal came to light in 2016, in which employees at the bank opened millions of depository and credit card accounts without the consent of their customers.
As a result, the bank has paid billions of dollars in fines, lost billions in potential profits, dealt with numerous consent orders from regulators, had a crippling asset cap that prevents the bank from growing its balance sheet, and experienced a lot of turnover among management and the board of directors.
But even after all these years, the phony-accounts scandal and other past issues continue to plague the bank. Despite these significant headwinds, I still think the company is headed in the right direction, and therefore, I like the stock. Here's why.
Source Fool.com
