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Wells Fargo CFO Mike Santomassimo reacts to the bank being released from a Federal Reserve asset cap that has restricted its size for over seven years. Speaking on "Bloomberg The Close," Santomassimo also discusses the state of consumer spending and Wells Fargo's deposits business.
Wells Fargo was released from a punitive, seven-year-long $1.95 trillion cap on its assets on Tuesday after the U.S. Federal Reserve lifted the regulatory measure, allowing the bank to pursue unimpeded growth.
Wells Fargo CEO Charles Scharf said the Federal Reserve's decision to lift its asset cap on the bank is "incredibly important" in changing the perception of Wells Fargo. "We've always been perceived as being in the penalty box," Scharf said on Wednesday.
Wells Fargo CEO Charles Scharf said Wednesday that he agrees with estimates that the Fed asset cap likely cost the bank about $400 billion in deposits.
Sen. Elizabeth Warren said on Wednesday that the Fed should be "embarrassed" by its decision to lift the asset cap on Wells Fargo, citing several recent allegations of the bank scamming investors and customers.
Wells Fargo CEO Charlie Scharf knows he has a reputation for sternness, but he said that when the bank was finally freed of a $1.95 trillion asset cap by regulators on Tuesday, he became emotional.
Wells Fargo CEO Charles Scharf said on Wednesday that the Federal Reserve's decision to lift the $1.9 trillion cap on the company's assets marks a pivotal milestone for the company.
WFC stock jumps as the Fed lifts its $1.95T asset cap, unlocking growth potential stalled since the 2018 scandal.
The Federal Reserve lifted Wells Fargo's (WFC) $1.95 trillion asset cap this week. Chris Whalen, chairman of Whalen Global Advisors, explains why Wells Fargo's focus is shifting toward retail banking and away from wholesale lending.
U.S. equities were slightly higher at midday as a weaker-than-expected private sector employment report sent bond yields tumbling. The Dow Jones Industrial Average, S&P 500, and Nasdaq were all higher.