Fed removes Wells Fargo's asset cap following 'substantial progress' addressing shortcomings

Reuters

2025/06/04

WASHINGTON, June 3 (Reuters) - The U.S. Federal Reserve announced on Tuesday that Wells Fargo will no longer have to operate under a $1.95 trillion asset cap the regulator imposed on the bank in 2018 following its long-running sales practices scandal.

The Fed said in a statement that the bank had made "substantial progress" in addressing its deficiencies, including improving governance and risk management programs, clearing the way for the central bank to remove the unprecedented growth restriction.

(Reporting by Pete Schroeder; Editing by Leslie Adler)

((Pete.Schroeder@thomsonreuters.com; 202-310-5485;))

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