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Published on Sep 15, 2016
Wells Fargo (WFC) is a cheap stock, but investors should wait until next Tuesday's
Senate hearing before making a move in it, says TheStreet's Jim Cramer.
The San Francisco-based bank is being investigated by federal
prosecutors over illegal account openings that led to the company being
fined last week. The Consumer Financial Protection Bureau issued a $185
million fine against Wells Fargo over its sales practices. The company
cut 5,300 employees related to the deceptive account openings. Now, the
U.S. Attorney's Office for the Southern District of New York and the
Northern District of California is investigating the matter. The
prosecutors have not yet decided whether to pursue a criminal or civil
case.
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