Buying into Charlie Scharf's 5-year turnaround plan for Wells Fargo just got a bit cheaper

We upgraded Wells Fargo back to our buy-equivalent 1 rating, viewing Friday's post-earnings drop as an opportunity.

Lynk Lynk
Jul 14, 2024 - 21:06
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Buying into Charlie Scharf's 5-year turnaround plan for Wells Fargo just got a bit cheaper

Charlie Scharf, CEO, Wells Fargo, speaks during the Milken Institute Global Conference in Beverly Hills, California on May 2, 2023. speaks during the Milken Institute Global Conference in Beverly Hills, California on May 2, 2023. 

Patrick T. Fallon | Afp | Getty Images

When Charlie Scharf took the reins at Wells Fargo five years ago, the bank was in turmoil. A series of scandals landed it in the regulatory doghouse — dealing a major blow to the 172-year-old firm's reputation and leading to a multi-billion-dollar plunge in its stock market value.

Fast forward to 2024: Wells Fargo looks like a different bank altogether — and despite Friday's post-earnings decline, the turnaround is still humming.