How investors should play Wells Fargo stock after newly announced regulatory action

Wells Fargo was among the worst performers in the S&P 500 on Thursday after a top banking regulator said it had issued an enforcement action against the firm.

Wells Fargo's latest regulatory hiccup isn't a doomsday scenario. Shares of Wells Fargo on Friday clawed back some of the prior session's decline. The stock lost 4% on Thursday after the Office of the Comptroller of the Currency said it had issued an enforcement action against Wells. The OCC cited "deficiencies" in the bank's financial crimes risk management practices and anti-money laundering controls.

A person walks past the entrance to a Wells Fargo bank branch on Amsterdam Avenue on June 25, 2024, in New York City.

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