From Yahoo Finance: 2025-06-04 09:53:00

The US Federal Reserve lifted Wells Fargo’s $1.95tn asset cap, initially imposed in 2018 due to scandals. Employees opened unauthorized accounts, moved funds without consent, charged unnecessary fees, and forced clients to buy unwanted products. CEO Charlie Scharf led improvements to meet Fed conditions, resulting in the cap’s removal.

Scharf rewarded full-time staff with a $2,000 award in restricted stock. The asset cap removal marks a milestone in Wells Fargo’s transformation journey, strengthening the company. Scharf simplified the business mix, revamped management, and improved financial results. The Fed’s decision reflects the bank’s significant progress and stronger position today.



Read more at Yahoo Finance: US Federal Reserve lifts Wells Fargo’s asset cap