Wells Fargo (NYSE:WFC) is a great bank that likes to play it simple, focusing on traditional banking rather than other lucrative and risky business that has swindled its competitors and peers. Wells Fargo (NYSE:WFC) has been far away from controversies, or frauds of any kind. There are little things here and there but as compared to other banks, Wells Fargo (NYSE:WFC) seems like a safe haven for saints. That’s quite commendable considering the fact that banks in these days find it quite hard to keep a clean reputation.
If we observe the rap sheet closely, you’ll see JP Morgan’s name on top of the food chain when it comes to frauds, controversies and other unsavory activities. JP Morgan lost 80 million in global research analyst settlement; rigging interest rates have piled up to 108.4 million while mortgage fraud is 13 billion. JP Morgan perhaps loves controversy. Foreclosure fraud is 5.3 billion and there are counts of rigging the energy market for which the company paid out 410 million.
This makes you wonder how these banks manage to keep money at all. If we compare JP Morgan with Wells Fargo (NYSE:WFC), Wells Fargo (NYSE:WFC) has a record sheet with only one count of foreclosure fraud worth 5.3 billion, other than that, nothing. Wells Fargo (NYSE:WFC) likes to keep its hands clean and likes to roll straight, focusing on banking rather than activities beyond its expertise. Most people would call the bank naïve but it’s actually a good PR tactic, to have your record books clean and tidy for the world to see.
Wells Fargo (NYSE:WFC) is also considered as a ‘boy scout’ bank when it comes to traditional banking. It’s quite strict in its operations and likes to keep its records perfectly intact. As for other banks, especially JP Morgan, it’s definitely bullet ridden with controversies. For example, the U.S justice department claims that JP Morgan is involved in manipulating frauds worth billions of dollars. There are no such counts against Wells Fargo (NYSE:WFC), which is a good thing in the long run, considering the trust of the customers, which is quite important when it comes to banking.
Wells Fargo (NYSE:WFC) employs the philosophy of integrity and trust. It claims that without trust, there is no concept of banking, and no concept of building a legacy. There would be no loyal customers whatsoever without it. Wells Fargo (NYSE:WFC) claims that the bank believes integrity is a rare attribute to have and the bank is proud to have it. Competitors would snicker at Wells Fargo (NYSE:WFC) because it makes lesser money, declining to indulge in unsavory deals but the bank itself isn’t concerned about what rivals think of it.
The only thing that matters to Wells Fargo (NYSE:WFC) is its reputation and business, both of which are second to none. Wells Fargo (NYSE:WFC) has been outclassing its competition for quite some time now and will continue to do so in the coming times.