Investments

Wells Fargo downgraded by Raymond James: ‘Stigma around Wells’ account scandal still lingers’

Wells Fargo downgraded by Raymond James: 'Stigma around Wells' account scandal still lingers'

A flag waves outside of a Wells Fargo bank branch October 3, 2008 in San Francisco, California.

Wells Fargo is still tainted by its scandal and has some major hurtles ahead, according to Raymond James.

The firm downgraded shares of Wells Fargo to underperform from market perform, saying the bank is in for a rocky new year.

"Stigma around Wells' account scandal still lingers, as anecdotal evidence suggests the bank continues to lose customers and revenue-producing bankers, and struggles to recruit quality talent," said Raymond James banking analyst David Long in a note to clients on Monday.

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