financetom
Business
financetom
/
Business
/
Wells Fargo CEO expresses more confidence in regulatory fixes
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Wells Fargo CEO expresses more confidence in regulatory fixes
Dec 11, 2024 7:03 AM

NEW YORK, Dec 11 (Reuters) - Wells Fargo ( WFC ) CEO

Charlie Scharf expressed more confidence on Wednesday in the

bank's progress to fix compliance problems after its years-long

fake accounts scandal, detailing its efforts to implement risk

controls.

"For every one of our consent orders that we have, for

every one of our regulatory deliverables, we have extremely

detailed plans in place that the regulators have reviewed," he

told the Goldman Sachs Financial Services Conference.

"We track our progress at the operating committee every

single week," Scharf said.

The bank 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, Reuters

reported exclusively last month.

The asset cap, seen as one of the toughest punishments U.S.

regulators can put in place, was imposed on the bank in 2018

after it failed to fix governance and risk-management lapses

after years of consumer abuses.

The limit curtails Wells Fargo's ( WFC ) ability to take in more

deposits and expand its trading business, two potential growth

areas for the bank, Scharf said earlier this year.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
TD Sees BoC Cutting Rates Again as Canada's Jobs Market Weakens
TD Sees BoC Cutting Rates Again as Canada's Jobs Market Weakens
Oct 6, 2025
07:04 AM EDT, 10/06/2025 (MT Newswires) -- The mood in Canadian financial markets was somewhat sour last week, except that the unrelenting bull run in equities continued, said TD. This was despite the United States government shutdown, and a fresh set of U.S. tariffs placed on lumber (10%) and kitchen cabinets, bathroom vanities, and upholstered furniture (25% each). Tariffs on...
AI venture funding continued to surge in third quarter, data shows
AI venture funding continued to surge in third quarter, data shows
Oct 6, 2025
(Reuters) -As the rush towards AI-related companies continues on Wall Street, data from Crunchbase showed on Monday that the sector enjoyed a bulk of venture funding in the third quarter, with names including Anthropic raking in billions. BY THE NUMBERS Global venture funding in the third quarter increased 38% year-over-year to $97 billion, increasing slightly from $92 billion in the...
Kyivstar Launches Major Network Upgrade Project; Shares Up Pre-Bell
Kyivstar Launches Major Network Upgrade Project; Shares Up Pre-Bell
Oct 6, 2025
07:03 AM EDT, 10/06/2025 (MT Newswires) -- Kyivstar ( KYIV ) said Monday it launched a project to improve service quality, expand 4G network capacity, and prepare infrastructure for fifth-generation mobile communications rollout. The company said the large-scale modernization program will run throughout 2025-2026 and is expected to deliver substantially higher service quality for customers. Kyivstar ( KYIV ) shares...
Firefly Expands Into AI-Powered Defense Systems With SciTec Purchase
Firefly Expands Into AI-Powered Defense Systems With SciTec Purchase
Oct 6, 2025
Firefly Aerospace ( FLY ) announced Sunday that it will acquire SciTec, Inc. in a deal valued at about $855 million, combining $300 million in cash and $555 million in newly issued Firefly shares priced at $50 each. The news sent Firefly shares sharply higher in premarket trading on Monday as investors welcomed the company's expansion into advanced defense technologies....
Copyright 2023-2026 - www.financetom.com All Rights Reserved