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:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on BAC:
- OCC issues cease and desist order against Bank of America for BSA deficiencies
- JPM, BAC, and WFC Get Sued by the CFPB over Zelle Fraud
- FedEx to separate Freight unit, Nike reports Q2 beat: Morning Buzz
- CFPB sues JPMorgan, Bank of America and Wells over Zelle
- Berkshire Hathaway’s $325 Billion Cash Stash Is a Fortress Against Economic Chaos
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
