Wells Fargo Asset Cap Likely to Be Lifted by H1 2025 Amid Fed Review

Nov 26, 2024, 11:32 AM

Wells Fargo is reportedly in the final stages of a regulatory process to have its asset cap lifted, potentially as soon as the first half of 2025 (H1 2025). Sources indicate that the Federal Reserve may approve the removal of the cap next year, but the decision could be delayed if the Fed identifies concerns with the bank's progress or compliance. The asset cap, imposed in 2018 following a series of scandals, has restricted Wells Fargo's ability to grow its balance sheet. The lifting of the cap would mark a significant milestone for the bank, allowing it to expand its operations further.