November 26, 2024, 8:11am 1 minute
Wells Fargo is in the final stages of the process of resolving its fake account scandal and passing regulatory tests to eliminate a $1.95 trillion asset cap starting next year, three sources familiar with the situation said. told Reuters.
why is it important
The asset cap is seen as one of the harshest penalties that U.S. regulators can impose, and lifting it would require a vote from the Fed’s board. Lifting restrictions is a major step forward for the bank’s cleanup efforts. Since the scandal broke in 2016, the company has been fined billions of dollars and faced numerous regulatory penalties, some of which are still ongoing.
Article tags
Topics of interest: business and finance
type: reuter vest
Sector: business and finance
region: Americas
Win type: exclusivity
Story type: Exclusive/Scoop
Media type: sentence
Impact on customers: Important local stories