NEW YORK (TheStreet) -- Shares of Wells Fargo (WFC) - Get Report closed higher on Friday as the San Francisco-based bank has tapped the law firm Shearman & Sterling to advise on executive compensation, the Wall Street Journal reports, citing sources.
The move comes amid intensifying calls for the company to claw back certain executives' pay as the company is being investigated for illegal account openings.
Earlier this month, the Consumer Financial Protection Bureau fined Wells Fargo $185 million for deceptive sales practices. The company's CEO John Stumpf testified in front of the Senate Finance Committee on Wednesday.
A lawyer at the firm is advising Wells Fargo on whether it should recover previously paid compensation of Stumpf, COO Timothy Sloan and former retail banking head Carrie Tolstedt, the Journal noted.
Tolstedt oversaw the unit during the time that the more than 2 million illegal account openings occurred. She has since stepped down and is due to retire by the end of 2016.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
TheStreet Ratings team rates Wells Fargo as a Buy with a ratings score of B. This is driven by several positive factors, which it believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks it covers. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and attractive valuation levels. The team feels its strengths outweigh the fact that the company shows weak operating cash flow.
You can view the full analysis from the report here: