Wells Fargo has finally shed a Federal Reserve asset cap that restricted its size for over seven years. The decision was made after the bank met all conditions required by an enforcement action imposed in 2018. The Fed’s review of Wells Fargo’s remediation efforts, third-party assessments, and corporate governance and risk management programs found the bank to meet all necessary criteria. This move lifts the restriction, paving the way for the firm’s growth and shares surged as a result.
Source: https://www.bloomberg.com/news/articles/2025-06-03/wells-fargo-s-asset-cap-lifted-by-fed-paving-way-for-growth