When the Federal Reserve in June lifted the $1.95 trillion asset cap it imposed on Wells Fargo back in 2018 as punishment for a widespread scandal involving the creation of fake customer accounts, CEO ...

Wells Fargo’s asset cap removal, strong earnings, and $40B buyback plan position it for growth and higher returns despite ...

Wells Fargo stock soared more than 2% in after-hours trading following the announcement. Shares had closed at $75.65, up from $59.34 a year ago. The bogus accounts scandal toppled two Wells Fargo ...

The asset cap was Wells Fargo's biggest penalty stemming from its 2016 fake accounts scandal. From 2002 to 2016, thousands of Wells Fargo's Community Bank employees opened millions of unauthorized ...

‘Really shocking’ The fake-accounts scandal landed on the national stage in 2016, when federal bank regulators and the Los Angeles city attorney slapped Wells Fargo with $185 million in fines.

The Federal Reserve said Tuesday that Wells Fargo is no longer subject to the restraints the Fed placed on the bank in 2018 for having a toxic sales and banking culture.

Thursday. It was the 13th consent order closed by banking regulators since 2019, Wells Fargo said. That leaves it with one last major sanction — a consent order issued by the Federal Reserve in ...

Federal regulators have lifted Wells Fargo’s $1.95 trillion asset cap, its biggest penalty since the 2016 fake accounts scandal, allowing growth again.

Wells Fargo & Co. has cleared a major obstacle to its growth plans, opening the way for the bank to grow after years of restrictions related to its fake-accounts scandal.

Wells Fargo’s nearly $2 trillion asset cap punishment by the Federal Reserve has meant the fourth-largest bank in the U.S. couldn’t grow in the wake of its massive fake sales account scandal.

After an investigation by The Los Angeles Times in 2016, Wells Fargo shut down its sales culture and fired much of its leadership and board of directors. The fake accounts scandal cost Wells Fargo ...

Wells Fargo's core mutual funds business, for example, had the biggest market share decline among large U.S. fund families in 2016, according to Morningstar Inc. data.