Wells Fargo shares popped Wednesday after the Federal Reserve reportedly signaled that it will accept the firm's plan to overhaul its governance functions, a key step for the bank's effort to be released from a regulatory restriction.
The Fed has privately signaled that it would accept the bank's proposal, Bloomberg reported Wednesday, which removes a hurdle in eventually removing an asset cap imposed on the bank in Feb. 2018. However, several steps remain before the penalty is lifted, according to Bloomberg TV. Wells Fargo is limited to the balance sheet size it had in late 2017, at $1.95 trillion, a rare penalty in the banking world enacted by the Fed after the bank's multitude of scandals tied to internal controls.
A pedestrian wearing a protective mask walks past a Wells Fargo & Co. bank branch in New York, U.S., on Thursday, July 9, 2020.shares popped Wednesday after the Federal Reserve reportedly signaled that it will accept the firm's plan to overhaul its governance functions, a key step for the bank's effort to be released from a regulatory restriction.
Wells Fargo is limited to the balance sheet size it had in late 2017, at $1.95 trillion, a rare penalty in the banking world enacted by the Fed after the bank's multitude of scandals tied to internal controls.
Trying to rebrand from “one of the worlds largest money launderers for cartels & terrorists” is a big overhaul.
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