Wells Fargo up after Fed lifts $1.95 trillion asset cap
Shares of U.S. banking giant Wells Fargo WFC.N rise 2.7% to $77.78 after the bell
The U.S. Federal Reserve announced that WFC will no longer have to operate under a $1.95 trillion asset cap the regulator imposed on the bank in 2018 following its long-running sales practices scandal
Regulators imposed additional oversight of WFC following the scandal; the bank has been fined billions of dollars and faced public backlash in the aftermath
The Fed said in a statement that the lender had made "substantial progress" in addressing its deficiencies, including improving governance and risk management programs
"We have changed and simplified our business mix, and we have transformed the management team and how we run the company" - CEO Charlie Scharf
Last week, WFC saw regulators close what was the thirteenth enforcement action against the bank, known as a consent order, since 2019 and the seventh since the beginning of 2025
Stock has gained 7.7% YTD, up to last close
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