Why Wells Fargo Stock Outperformed on Thursday

Shares of Wells Fargo (NYSE: WFC) climbed 1.6% on Thursday, roughly double the gain in the broader market, as a changeover at the top of the bank industry's newest regulatory body could help the nation's third biggest bank by assets put last year's fake-account scandal in the rearview mirror.

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Earlier this week, the current head of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, said that he plans to leave his post by the end of the month. Cordray has led the agency for six years, cracking down hard on banks that run afoul of consumer rules and regulations.

Source: Fool.com