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Wells Fargo wins Fed acceptance for overhaul plan tied to asset cap: Bloomberg News


By Reuters Staff
2 Min Read
FILE PHOTO: A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith
(Reuters) - Fed officials have privately signaled to Wells Fargo & Co that they have accepted its proposal for overhauling risk management and governance, Bloomberg News reported bit.ly/37nGqHq on Wednesday, citing people with knowledge of the matter.
Shares in the lender jumped 6% on Wednesday. The bank declined a Reuters request for comment.
The approval is a key step in getting a regulatory asset cap lifted, which has hindered Wells Fargo’s growth since 2018.
Wells Fargo has been in regulators’ penalty box since 2016 when details of a sales scandal first emerged, leading to the departure of two chief executives, billions of dollars in litigation and remedial costs and the U.S. Federal capping its balance sheet at $1.95 trillion. ....

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