It is Charlie Scharf’s most fervent desire and deeply-felt ambition to turn Wells Fargo into JPMorgan Chase. He’s tried to make it look like the House of Dimon. He’s even injected a little Dimon blood (by marriage) into the operation. Try as he might, however, JPMorgan still doesn’t see the resemblance.
J.P. Morgan analyst Vivek Juneja reiterated the underweight rating he's had on the stock for the past two years, writing in a note to clients that "concerns about dividend cuts have weighed on Wells Fargo recently because it has the highest payout ratio among our banks and also because of remarks by [Federal Reserve] Vice Chair [Randal] Quarles."
And if this spurning gets Wells thinking it might like to look like still another bank, well…
Regarding speculation by some of a merger between Wells Fargo and Goldman Sachs Group Inc., Juneja said any bank acquisition by Wells is "banned by law" as the bank already exceeds the 10% deposit market share limit.