Exclusive-Wells Fargo asset cap likely to be lifted next year, sources say [Yahoo! Finance Canada]
Wells Fargo & Company (WFC)
Last wells fargo & company earnings: 4/14 07:46 am
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Source: Yahoo! Finance Canada
tests to lift a $1.95 trillion asset cap next year after fixing problems from its fake accounts scandal, according to three sources familiar with the situation. The punishment could be removed as early as the first half of 2025, one of the sources said. The three sources declined to be identified because the process is confidential. The Federal Reserve imposed the asset cap in 2018 and ordered Wells Fargo to fix failings in its governance and risk management after years of consumer abuses. 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. While the sources said Wells Fargo had done all the work required to lift the cap, governors could still keep the punishment in place if they have concerns or are not fully satisfied with the fixes. Lifting the restrictions would be a major step forward for the bank's cleanup efforts. Since the scandal emerged in 2016, it has been
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WFC
Earnings
- 10/11/24 - Beat
WFC
Sec Filings
- 11/25/24 - Form 424B2
- 11/25/24 - Form 424B2
- 11/22/24 - Form 424B2
- WFC's page on the SEC website