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.
JPMorgan stock (NYSE: JPM) has seen an increase of approximately 11% year-to-date, in comparison to the 1% rise in the S&P 500 index during the same timeframe. In contrast, JPMorgan's competitor Wells Fargo (NYSE: WFC) has risen by 6% over the same duration.
Wells Fargo & Co. on Tuesday cleared a major obstacle to its growth plans, opening the way for the bank to grow after years of restrictions related to its fake-accounts scandal.
The Fed board voted unanimously to lift the $1.95 trillion asset cap restriction, which was the first time the central bank had directly ordered a bank to stop growing in order to address widespread shortcomings.
The Federal Reserve lifts Wells Fargo's asset cap from 2018 enforcement action.
The latest trading day saw Wells Fargo (WFC) settling at $74.72, representing a -0.08% change from its previous close.
WFC's CEO expresses confidence in nearing the resolution of regulatory issues as the bank works to lift the Fed's $1.95T asset cap and expand deposit growth.
Zacks.com users have recently been watching Wells Fargo (WFC) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
Wells Fargo & Company (NYSE:WFC ) Bernstein 41st Annual Strategic Decisions Conference May 28, 2025 8:00 AM ET Corporate Participants Charlie Scharf - Chief Executive Officer Conference Call Participants Ken Usdin - Autonomous Ken Usdin Good morning, everybody. My name is Ken Usdin.
In the latest trading session, Wells Fargo (WFC) closed at $75.52, marking a -0.71% move from the previous day.