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Wells Fargo's governance overhang makes it cheap

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Wells Fargo was once Wall Street’s biggest bank and a favourite of Warren Buffett. He still owns 3% of the company. At its peak, Wells Fargo had a market cap of over $300bn, today that is less than $100bn. The bank traded at a premium to its tangible book value; it was the highest-rated Wall Street bank when using this metric.

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