Gillian Tan, Columnist

Banking on the Wells Fargo Tax Windfall

The scandal-plagued bank is back in favor with investors, and earnings gains from the Republican-led tax plan may keep it that way.

December 13, 2017 at 7:55 PM UTC

By Gillian Tan

Gillian Tan is a senior reporter covering finance and alternative asset classes including real estate, infrastructure, private equity, private credit, venture capital and sports business. She previously wrote an opinion column for Bloomberg and was a reporter at the Wall Street Journal. She is a qualified chartered accountant.

1479307728_pic — Photographer: Justin Sullivan/Bloomberg

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For Wells Fargo & Co., is the worst over? The scandal-plagued bank's recent stock revival suggests yes, maybe it is. But even if there are more revelations to come, there's a good chance that the shares may hang onto its gains.

While it continues to lag rivals and the benchmark U.S. bank index since last year's presidential election, the San Francisco-based lender has returned to favor with investors. Its stock has soared nearly 12 percent since Thanksgiving and outperformed the KBW Bank Index, which has climbed almost 9 percent over the same period. On Wednesday, Wells Fargo touched an all-time high in intraday trading.