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Wells Fargo Requests Removal of Asset Cap

TheMotleyFool

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Wells Fargo Requests Removal of Asset CapPhoto, wide shot, wide-angle lens, Private equity firm, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Edward Burtynsky: https://img.theapi.app/temp/2b695cca-48cb-4195-802a-e3385fb90ec0.png

Wells Fargo (NYSE: WFC) has reportedly asked the Federal Reserve to remove the asset cap placed on the bank as a penalty for creating millions of fake bank accounts in 2016. Reuters first reported the news, citing an anonymous source.

The banking giant says that by removing the cap, which currently requires the bank to stay below $1.95 trillion in assets, it will be able to further assist customers and businesses impacted by the coronavirus pandemic.

Image Source: Getty Images

Source Fool.com

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