Wells Fargo is in the final stages of a process to pass regulatory tests to lift the $1.95 trillion asset limit next year after resolving problems from its fake accounts scandal, three sources familiar with the situation said. told Reuters.
Why it matters
The asset limit is seen as one of the harshest penalties that US regulators can impose, and lifting it requires a vote of the Fed’s board of governors. Lifting the sanctions would be a major step in the bank’s clean-up efforts. Since the scandal came to light in 2016, it has been fined billions of dollars and faced a raft of regulatory penalties, some of which are still in place.
Topics of interest: Business and Finance
Type: Writer’s Best
Sectors: Business and Finance
Area: America
Types of wins: characteristic
Story Types: Exclusive / Scoop
Types of media: The text
Customer Impact: Major regional story