Wells Fargo's Asset Cap Lifted by Fed, Paving Way for Growth
Wells Fargo & Co. finally escaped a Federal Reserve asset cap that has restricted its size for more than seven years, unleashing the firm from the unprecedented punishment in a major win for Chief Executive Officer Charlie Scharf.
The Fed said in a statement Tuesday that Wells Fargo met all conditions required by an enforcement action imposed on the bank in 2018 to remove the restriction. The central bank completed its review of Wells Fargo's remediation efforts and third-party assessments, as well as its own assessment of the bank's corporate governance and risk management programs, it said.
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