Wells Fargo asset cap more likely to be lifted subsequent yr
26 November 2024, 8:11 am 1 minute
Wells Fargo is within the final levels of a course of to go regulatory exams to carry a $1.95 trillion asset cap subsequent yr after fixing issues from its pretend accounts scandal, three sources acquainted with the scenario advised Reuters.
Why it issues
The asset cap is seen as one of many hardest punishments that U.S. regulators can put in place, and its removing requires a vote by the Fed’s board of governors. Lifting the restrictions can be a significant step ahead for the financial institution’s cleanup efforts. Because the scandal emerged in 2016, it has been fined billions of {dollars} and slapped with a raft of regulatory punishments, a few of that are nonetheless in place.
Article Tags
Subjects of Curiosity: Enterprise & Finance
Kind: Reuters Finest
Sectors: Enterprise & Finance
Areas: Americas
Win Varieties: Exclusivity
Story Varieties: Unique / Scoop
Media Varieties: Textual content
Buyer Affect: Necessary Regional Story
