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In a significant development, Wells Fargo is close to passing regulatory tests to lift a $1.95 trillion asset cap next year, following efforts to address issues stemming from its fake accounts scandal. The removal of the cap, considered a severe punishment by U.S. regulators, would require a vote by the Fed’s board of governors and mark a crucial milestone in the bank’s efforts to rectify past misconduct. Since the scandal’s emergence in 2016, Wells Fargo has faced hefty fines and regulatory measures, making the potential lifting of the asset cap a pivotal step in its ongoing cleanup process.
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