tiprankstipranks
Bank of America OCC outcome ‘could have been worse,’ says Wells Fargo
The Fly

Bank of America OCC outcome ‘could have been worse,’ says Wells Fargo

Wells Fargo notes that the OCC issued a cease and desist order regarding Bank of America’s (BAC) deficiencies in its BSA and sanctions programs, which the analyst says was “telegraphed” in the bank’s Q3 10-Q. “While it’s not good being in the regulatory penalty box, the outcome could have been worse,” says the analyst, who highlights that no fine was assessed. Wells has an Overweight rating on shares of BofA.

Don't Miss Our Christmas Offers:

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App