26 November 2024, 8:11 am 1 minute

Wells Fargo is in the last stages of a process to pass regulatory tests to lift a $1.95 trillion asset cap next year after fixing problems from its fake accounts scandal, three sources familiar with the situation told Reuters.

Why it matters

The asset cap is seen as one of the toughest punishments that U.S. regulators can put in place, and its removal requires a vote by the Fed’s board of governors. Lifting the restrictions would be a major step forward for the bank’s cleanup efforts. Since the scandal emerged in 2016, it has been fined billions of dollars and slapped with a raft of regulatory punishments, some of which are still in place.

Article Tags

Topics of Interest: Business & Finance

Type: Reuters Best

Sectors: Business & Finance

Regions: Americas

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Important Regional Story