Wells Fargo Sees Home Equity as ‘Top Concern,’ Analyst Says
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Wells Fargo & Co. Chief Executive Officer John Stumpf said home-equity losses remain his “top concern” because unemployment in the U.S. is still high, according to Sanford C. Bernstein & Co.
“Stumpf noted that home-equity losses remain his number one concern, which makes sense to us given Wells has the largest portion of its loan book allocated to mortgages and home-equity loans among large banks,” analyst John McDonald wrote in a note yesterday. He has an “outperform” rating on the bank, the biggest home lender in the U.S.