A customer uses an ATM at a Wells Fargo Bank in San Francisco, California.

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Wells Fargo (WFC) should be broken up, Elizabeth Warren wrote in a letter to the Federal Reserve according to the New York Times.

Warren would like to see the Fed split Wells Fargo’s banking business from its more Wall Street-centered businesses. “Continuing to allow this giant bank with a broken culture to conduct business in its current form poses substantial risks to consumers and the financial system,” the New York Times quoted Warren as writing.

Wells Fargo stock has gained 55% in 2021, more than doubling the

SPDR S&P Bank ETF’s

22% rise, and the

S&P 500’s

19% rise, as investors bet that the company could benefit less onerous regulation.

Wells Fargo stock was up 2.4% to $46.25 following the report, even as the SPDR S&P Bank ETF dipped 0.1%.

Wells Fargo was not immediately available for comment.

Write to Ben Levisohn at ben.levisohn@barrons.com

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