Wells Fargo, JPMorgan Will Benefit Big Time From Merrill Exodus

Wells Fargo will benefit from the talent exodus out of Merrill Lynch once the Bank of America retention contracts expire in the next year, said Steve Dudash, President of IHT Wealth Management. Dudash added that Wells Fargo is beefing up its advisory services and will pick up a chunk of market share after it adds disgruntled Merrill brokerage teams. Similarly, he said JPMorgan Chase will benefit from the looming problems at Merrill, adding that JPMorgan's stock is undervalued and the company will recover from its recent scandals. Finally, Dudash is bullish on Walmart, saying the retail giant is only just starting to see the benefit of lower oil prices.