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Morgan Stanley upgrades Wells Fargo due to the bank’s ‘positive stress test results’

Morgan Stanley upgrades Wells Fargo due to the bank’s ‘positive stress test results’

July 3, 2018

Via: CNBC
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Morgan Stanley says the passage of Wells Fargo’s capital return plan by the Federal Reserve is a significant positive event for the company.

On Thursday, the Fed approved Wells Fargo’splan in the second part of its annual bank stress tests. Earlier this year, the central bank ordered Wells Fargo to cap its assets until it could improve its operational controls amid revelations of sales practice abuses.

Wells Fargo shares rose 3.4 percent on Friday, the day after the stress test announcement.

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