When I compile my original list of "banking" stocks, for the analysis presented in a prior post regressing common stock returns onto the dynamic trading risk factor, I omitted to include Wells Fargo. This is my fault, and probably represents an East Coast Bias of my own. The list was not compiled via a rigorous procedure --- it was entirely ad hoc.

That notwithstanding, the regressions for WFC are actually very interesting when compared to those for other banks.

Wells shows no significant covariance with the factor and no significant alpha with respect to it either.

On this basis, Wells Fargo is quite a different animal to the other banks studied previously.