Wells Fargo confirms Fed removes limits on growth in total assets

Wells Fargo (WFC) confirmed that the Board of Governors of the Federal Reserve System has determined that Wells Fargo has met all conditions required to remove the limits on growth in total assets imposed in its 2018 consent order. Conditions to lift the restriction outlined in the order included wide-ranging requirements to support board effectiveness and improvements in the company’s firmwide compliance and operational risk programs. It also included a requirement for a third-party independent review of the work completed by the company. This third-party review was in addition to reviews the Federal Reserve undertook directly. “The Federal Reserve’s decision to lift the asset cap marks a pivotal milestone in our journey to transform Wells Fargo. We are a different and far stronger company today because of the work we’ve done,” said Wells Fargo CEO Charlie Scharf. “In addition, we have changed and simplified our business mix, and we have transformed the management team and how we run the company. We have been methodically investing in the company’s future while improving our financial results and profile. We are excited to continue to move forward with plans to further increase returns and growth in a deliberate manner supported by the processes and cultural changes we have made.”