It took 7 years for WFC to get out of the asset cap, and lost 7 years of growth. Now the growth starts.
Wells Fargo & Company (NYSE: WFC) today confirmed that the Board of Governors of the Federal Reserve System (the Federal Reserve) has determined that Wells Fargo has met all conditions required to remove the limits on growth in total assets imposed in its 2018 consent order. Conditions to lift the restriction outlined in the order included wide-ranging requirements to support board effectiveness and improvements in the company’s firmwide compliance and operational risk programs. It also included a requirement for a third-party independent review of the work completed by the company. This third-party review was in addition to reviews the Federal Reserve undertook directly.