JPM Downgrades Wells Fargo; Expects More Probes “Following Tough Senate Hearings”

Wednesday, September 21, 2016
By Paul Martin

by Tyler Durden
ZeroHedge.com
Sep 21, 2016

One day after what was a rather disastrous hearing for Wells CEO John Stumpf, which culminated with a Senator telling the embattled chief executive he may want to consider going to prison, the bad news continued overnight when the bank that overtook Wells in the “biggest US bank by market cap” category, JPMorgan, downgraded Wells to Netural, cutting its price target from $53.50 to $48.00 as a result of “tough Senate hearings and mounting public scrutiny following the opening of fraudulent accounts.”

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