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Wells Fargo CEO Charlie Scharf has said the bank is laser-focused on resolving regulatory issues that have emerged after a rash of culture and misconduct related crises. However, Scharf warned that “it will take several years of work” to satisfy US regulators.

Wells Fargo is still operating under an asset cap put in place by the Federal Reserve in 2018, which has cost the bank billions in lost profits. Aggravating the situation, the firm continues to find itself embroiled in new crises. For instance, Wells Fargo was fined $145 million earlier this month, by the US Department of Labor, for overcharging employees when they purchased the bank’s stock in their 401k plan.

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