Investment Banking

Wells Fargo ‘fake accounts’ asset cap lifted after seven years in major boost

Growth at the US lender has been hampered as it worked towards hitting goals laid out by regulators

Charlie Scharf, president and CEO of Wells Fargo, took the top job after years of scandals
Charlie Scharf, president and CEO of Wells Fargo, took the top job after years of scandals Photo: Michael M. Santiago/Getty Images

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Wells Fargo has had an asset cap imposed by US regulators seven years ago lifted in a major boost for the bank that is likely to fuel new growth.

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