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Wells Fargo's Asset Cap Is Lifted – What Happens Next?
When the Federal Reserve in June lifted the $1.95 trillion asset cap it imposed on Wells Fargo back in 2018 as punishment for a widespread scandal involving the creation of fake customer accounts, CEO Charlie Scharf hailed the decision as a "pivotal milestone" for the fourth-largest U.S. bank.
The San Francisco-based bank had long sought the move that was holding back its growth. Its CEO called it a “pivotal milestone.” ...
A jump in fee income helped the San Francisco-based bank boost second-quarter earnings per share by 20% from a year ago.
In an earnings call Tuesday, CEO Charlie Scharf credited brokers in the firm's branches for working with commercial bankers ...
Bank leaders pose at their first earnings call since federal regulators ended the $2 trillion asset cap tied to a bank sales ...
termination of 13 orders since 2019, including 7 this year alone." He emphasized that the bank can now allocate more capital to grow deposits and loans, noting, "We now have the flexibility to ...
Federal regulators on Tuesday lifted Wells Fargo 's $1.95 trillion asset cap punishment over its fake sales scandal that had prevented it from growing for the past seven years -- a major ...
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