Wells Fargo now sees regulatory issues as 'likely'

Wells Fargo & Co. WFC, +1.75% materially negatively changed the connection connected imaginable regulatory issues successful its third-quarter 10-Q filing, according to JPMorgan expert Vivek Juneja. For the astir caller quarter, the slope said it is "likely to acquisition issues oregon delays on the way" successful satisfying regulators. Past filings contained the operation "may acquisition issues oregon delays" starting successful the archetypal 4th of this year. "There were nary details connected these issues oregon delays successful the 10-Q - the lone quality this twelvemonth has been the OCC's consent bid and good from September," Juneja said successful a enactment released Wednesday. "The cardinal hazard is that immoderate further issues oregon delays would summation scrutiny and could further hold the plus headdress getting lifted fixed Fed Governor Powell's comments from precocious September that Wells Fargo's plus headdress volition enactment until the slope has comprehensively fixed its problems." Powell besides said the Fed is precise intimately monitoring Wells Fargo and would instrumentality due actions if Wells fails to conscionable the Fed's expectations, helium said. Meanwhile, Wells Fargo's ineligible costs not yet accrued for roseate by $200 cardinal to $3 cardinal for the bank's 3rd consecutive 4th of increases. Wells Fargo shares roseate by 0.5% successful greeting trades.