26 November 2024, 8:11 am 1 minute
Wells Fargo is within the final levels of a course of to go regulatory exams to elevate a $1.95 trillion asset cap subsequent 12 months after fixing issues from its faux accounts scandal, three sources acquainted with the state of affairs told 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 elimination 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. Since 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
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & Finance
Regions: Americas
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
