Wells Fargo & Co. Stock News

Wells Fargo CEO Charlie Scharf knows he has a reputation for sternness, but he said that when the bank was finally freed of a $1.95 trillion asset cap by regulators on Tuesday, he became emotional.

U.S. equities were slightly higher at midday as a weaker-than-expected private sector employment report sent bond yields tumbling. The Dow Jones Industrial Average, S&P 500, and Nasdaq were all higher.

Wells Fargo (WFC 0.96%) is out of the penalty box, more than seven years after regulators put limits on growth in response to a fake-accounts scandal.

Wells Fargo & Co (NYSE:WFC, ETR:NWT) scored a major regulatory victory on Tuesday after the US Federal Reserve lifted a strict asset cap that had hampered the bank's growth for more than six years. The Fed imposed the $1.95 trillion cap in 2018 as punishment for Wells Fargo's toxic sales practices, which included opening millions of unauthorized customer accounts to meet aggressive sales goals ...

Shares of financial giant Wells Fargo & Co (NYSE:WFC) are up 2.2% before the bell, after the Federal Reserve officially lifted its long-standing asset cap on the bank.

The Federal Reserve has lifted restrictions imposed on Wells Fargo's (WFC) growth seven years ago following a series of scandals, including one where staff set up fake accounts.

The giant lender can once again compete aggressively on all fronts to make up for lost ground in deposits.

The US Federal Reserve has removed a long-standing asset cap on Wells Fargo & Co., ending one of the harshest penalties imposed on a major American bank in recent history. The cap, set at $1.95 trillion, had been in place since 2018 following the company's fake-accounts scandal that drew widespread criticism and regulatory action.