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Wells Fargo Asset Cap Will Likely Extend Into 2025

Wells Fargo Asset Cap Will Likely Extend Into 2025

by Starling Insights

Starling Insights Editorial Board

Nov 15, 2023

Observations

USA US Fed Reserve The Costs of Misconduct Culture & Consequences Culture & Misconduct Culture & Performance

According to a Bloomberg report, Wells Fargo executives anticipate that its $1.95 trillion asset cap may not be lifted until at least the first quarter of 2025. The US Federal Reserve put the cap in place in February 2018 following a string of regulatory issues at the bank.

The cap has stifled the bank's growth while its largest competitors — JPMorgan Chase, Citi, and Bank of America — have seen a swell in deposits. Wells Fargo's executives initially predicted compliance with the Fed's requirements by the end of 2018. However, CEO Charlie Scharf has refrained from speculation since he took the helm in 2019.

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