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Wells Fargo Freed from Fed Growth Cap as Stock Rises 1.24%
Wells Fargo Freed from Fed Growth Cap as Stock Rises 1.24%
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Wells Fargo & Company (WFC) shares climbed 1.24% to $75.65 after the Federal Reserve lifted a seven-year asset cap imposed in the wake of the bank's fake accounts scandal. The restriction had limited Wells Fargo's balance sheet to $1.95 trillion since 2018.
CEO Charlie Scharf declared the bank 'far stronger' following years of internal reforms, governance overhauls, and cultural changes. Employees will receive $2,000 bonuses in recognition of their role in the transformation.
The Fed's decision signals regulatory confidence in Wells Fargo's compliance systems, marking a pivotal moment for the institution. Market reaction reflects Optimism about the bank's renewed growth potential after its prolonged restructuring period.
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