Wells Fargo's fumbles will remain at the forefront in 2017.
Wells Fargo's January business update confirmed our thesis that the impact of widespread sales fraud will be relatively short lived. Consumer checking account openings exceeded closings, deposit balances grew at a healthy rate during the ear, and reported customer satisfaction metrics are closing in on pre-scandal levels. We are maintaining our $62 fair value estimate for the wide moat firm. ÂBranch interactions were down only 4% from the first month of 2016, and account closings are up only 4%...
Wells Fargo & Company is a financial and a bank holding company. Through its subsidiaries, the company provides banking, investment and mortgage products and services, as well as consumer and commercial finance. The company provides consumer financial products and services including checking and savings accounts, credit and debit cards, and automobile, student, mortgage and home equity and small business lending, as well as financial planning, private banking, investment management, and fiduciary services. The company also provides financial solutions including commercial loans and lines of credit, letters of credit, asset-based lending, trade financing, treasury management, and investment banking services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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