Wells Fargo Takes a Step Toward Getting Asset Cap Removed
Wells Fargo (NYSE: WFC) is reportedly one step closer to getting an extremely costly $1.95 trillion asset cap removed.
Officials from the Federal Reserve, which placed the asset cap on the bank in 2018, have apparently approved the bank's proposal for overhauling its risk-management and governance structure, Bloomberg reported today.
The approval is only the second of four steps the bank will have to take before finally getting the cap removed. However, the recent approval of the overhaul plan marks Wells Fargo's most significant progress since the cap first was implemented three years ago.
Source Fool.com