crossorigin="anonymous"> Wells Fargo’s asset limit is likely to be raised next year Reuters News Agency – Subrang Safar: Your Journey Through Colors, Fashion, and Lifestyle

Wells Fargo’s asset limit is likely to be raised next year Reuters News Agency


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.

Article Tags

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



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