Wells Fargo (WFC) is in the last stages of a process to pass regulatory tests to lift a $1.95 trillion asset cap next year after fixing problems from its fake accounts scandal, Nupur Anand of Reuters reports, citing three sources familiar with the situation. The cap could be removed as early as the first half of 2025, one of the sources told Reuters. While the sources said Wells had done all the work required to lift the cap, Federal Reserve governors could still keep the punishment in place if they have concerns or are not fully satisfied with the fixes, Reuters notes. Shares of Wells Fargo are up 1% to $77.67 in midday trading.
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