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.