Wells Fargo Was Once Golden Child of Banking Industry
In the depths of the financial crisis, as other banks floundered, Wells Fargo and its CEO, John Stumpf, rocketed onto the national stage by outmaneuvering New York rival Citigroup Inc. to scoop up Wachovia Corp. Mr. Stumpf extolled the company’s teamwork as a key ingredient of Wells Fargo’s “secret sauce.” The momentum only continued.
In 2013, with its stock price soaring, Wells Fargo topped J.P. Morgan Chase & Co. as the most valuable U.S. bank. In 2014, it became the biggest U.S. bank by market value of all time.Comment: Stock chart above is WFC to JPM for a year. Unfortunately we have 10X shares of WFC to JPM. My guess is that it will take Wells 2 years to recover. The wife thinks 10.