JPMorgan analyst Vivek Juneja says media speculation of a possible merger between Wells Fargo (WFC) and Goldman Sachs (WFC) is “unfounded.” Any bank acquisition by Wells Fargo is banned by law as Wells already exceeds the 10% deposit market share limit, Juneja tells investors in a research note. Further, any deal would be blocked by Wells Fargo’s asset cap, which is already constraining its growth, adds the analyst. Juneja also expects that Wells Fargo’s “numerous” legal and regulatory issues and recent rebukes by regulators for its lack of progress in remediating its consent orders will not allow for any deals involving the bank. Juneja, who has an Underweight rating on Wells Fargo, believes concerns about dividend cuts have recently weighed on the shares. Wells has the highest payout ratio among its peers, he adds. Wells Fargo closed Wednesday up 1c to $22.53 after Charles Gasparino of Fox Business reported that speculation is growing a possible merger between Goldman and Wells.