Wells Fargo & Company has confirmed that the Federal Reserve has determined that the bank has met all conditions required to remove limits on growth in total assets imposed since 2018. The decision marks a significant milestone for the company, which has undergone substantial reforms and improvements in its compliance and operational risk programs.
According to CEO Charlie Scharf, the lifting of the asset cap reflects the company’s transformation and progress in embedding new ways of working into its culture. Employees will receive a special award, ranging from $2,000 to $500, as a demonstration of appreciation for their contributions.
The Federal Reserve’s review of Wells Fargo’s work was part of the conditions set by the 2018 consent order. The bank has made significant changes, including overhauling its board composition and oversight, and investing in its future while improving financial results.
Wells Fargo is now free to increase returns and growth in a deliberate manner, supported by cultural changes and processes implemented during this period. The company has approximately $1.9 trillion in assets and operates through four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management.
The bank’s transformation is the result of efforts made by its employees, management team, and board of directors. CEO Charlie Scharf has led this effort since joining in late 2019, assembling a top-notch management team and overseeing major transformation initiatives.
Wells Fargo has been ranked No. 34 on Fortune’s 2024 rankings of America’s largest corporations, and the company provides a diversified set of banking, investment, and mortgage products and services to customers.
Source: https://newsroom.wf.com/news-releases/news-details/2025/Wells-Fargo-Confirms-that-the-Federal-Reserve-Has-Removed-the-Limits-on-Growth-in-Total-Assets-Imposed-in-its-2018-Consent-Order-and-Announces-a-Special-Employee-Award/default.aspx