How Wells Fargo Emerged From Years of Regulatory Sanctions
More than seven years ago, the US Federal Reserve put limits on Wells Fargo & Co.'s size to penalize the bank for misdeeds including the creation of millions of unauthorized customer accounts. On June 3, the Fed announced that it lifted the cap, ending an unprecedented punishment that had restricted the bank's ability to grow and compete with its peers.
Wells Fargo was the country's 3rd-biggest bank when it became embroiled in scandals that claimed two chief executive officers and cost Wells Fargo tens of billions of dollars in fines and lost revenue. The bank spent years cleaning up the mess, steered by Chief Executive Officer Charlie Scharf, who was named to the top job in 2019.
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