Reported 4 months ago
Wells Fargo CEO Charlie Scharf mentioned at the Milken Institute Global Conference that the asset cap imposed on the bank by regulators is hindering the expansion of its corporate business and trading operations. Scharf stated that if the cap is lifted, corporate lending and trading could become growth areas for the bank. The $1.95 trillion asset cap was put in place following a fake accounts scandal, and Scharf noted that progress is being made to address the issues, but regulators will ultimately decide when the cap will be lifted.
Source: YAHOO