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.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on WFC:
- Insider Trading: Arm Holdings’ (ARM) Major Insider Offloads Stock Worth $2.75M
- VOO ETF Update, 11/25/2024
- FDIC Chairman Gruenberg to step down in January, Bloomberg reports
- IPO Alert: Cloud Software Company ServiceTitan to List Shares on the Nasdaq Exchange
- Wells Fargo price target raised to $82 from $67 at Citi
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
