Wells Fargo cleared to grow again as Fed lifts asset cap after fake accounts scandal

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  Posted by Two Blokes Jun 4 - Filed in Stock - 7 views
  
  Wells Fargo & Co (NYSE:WFC, ETR:NWT) scored a major regulatory victory on Tuesday after the US Federal Reserve lifted a strict asset cap that had hampered the bank's growth for more than six years. The Fed imposed the $1.95 trillion cap in 2018 as punishment for Wells Fargo's toxic sales practices, which included opening millions of unauthorized customer accounts to meet aggressive sales goals – the first and only time the central bank had taken such a step.