Wells Fargo’s Public Rebuke by OCC Wasn’t ‘Normal,’ Cowen Says

The Office of the Comptroller of the Currency issuing a public criticism of Wells Fargo & Co., just as a House committee hearing with the bank’s CEO Tim Sloan was wrapping up, was “not normal,” Cowen policy analyst Jaret Seiberg wrote in a note.

“We have watched bank CEOs testify before Congress for more than 25 years,” Seiberg said. “Regulators might not always be happy with such testimony. But you do not see such a public rebuke issued so soon after the CEO testified.”

On March 12, an OCC spokesman said, “We continue to be disappointed with Wells Fargo Bank ...