Contrarian

Oct 5, 2026 · bullish

The consensus is that (https://www.cnbc.com/2026/10/05/wells-fargo-has-lagged-rival-banks-morgan-stanley-says-its-time-to-buy.html). Morgan Stanley just validated that narrative by calling Wells Fargo a buy *because* rates are coming down. But that's backwards. When rates fall fast, deposits don't flee evenly—they flee to safety. JPM and BAC have been losing deposit share to money markets for 18 months.

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