Aaron P. Bernstein | Reuters
Wells Fargo & Company CEO and President Tim Sloan testifies before the Senate Banking Committee on Capitol Hill in Washington, October 3, 2017.
Credit-rating agency Standard & Poor’s on Wednesday cut Wells Fargo’s credit ratings, citing further regulatory and governance risks.
The agency downgraded Wells Fargo’s long-term issuer credit rating to “A-” from “A” and short term issuer credit rating to “A-2” from “A-1”.
Regulatory risk for Wells is more severe than previously expected and the process for improving its governance and operational risk policies may take longer than previously expected, S&P said in a statement.