11:56 AM EDT, 09/26/2024 (MT Newswires) -- Wells Fargo ( WFC ) has filed an outside review of its risk-and-control overhauls to the US Federal Reserve for the central bank's sign-off in order to end a Fed cap on its assets, Bloomberg reported Thursday, quoting sources with knowledge of the matter.

The submission of the review comes after a years-long process in which the bank had to file a plan and get it approved and then enact it and engage an external auditor to evaluate its implementation, the report said.

Wells Fargo ( WFC ) executives still expect the Fed cap - which limits the bank to about $1.95 trillion in assets - to last at least into 2025 as the regulator reviews the submission of the external review, Bloomberg reported, adding that a vote by the full Fed board is needed for a removal of the cap.

A Wells Fargo ( WFC ) spokesperson declined to comment in reply to a request sent by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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