Pro Analysis

Breakingviews: Wells serves Wall Street warning about Main Street

A Wells Fargo bank branch in New York City.
Scott Mlyn | CNBC
A Wells Fargo bank branch in New York City.

Wells Fargo has served Wall Street a warning about venturing onto Main Street. The financial impact of the California-based bank's fake-accounts scandal is small. But its nature and the lender's poor response sealed Chief Executive John Stumpf's fate. The retail units being built at Goldman Sachs and Morgan Stanley provide diversification, but also create new risks.