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Wells Fargo CEO expresses more confidence in regulatory fixes


Published on 2024-12-11 22:40:58 - Reuters
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  • Wells Fargo 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.

Wells Fargo CEO Charles Scharf expressed increased confidence in resolving the bank's regulatory issues during a speech at a conference in New York on December 11, 2024. He highlighted that the bank has made significant progress in addressing the consent orders from regulators, which were imposed due to various scandals including the creation of fake accounts. Scharf noted that while there is still work to be done, the bank is on track to meet its regulatory commitments, with improvements in risk management, compliance, and customer remediation efforts. He also mentioned that the bank's financial performance has been strong, with third-quarter earnings surpassing expectations, and he anticipates a potential lifting of the asset cap that has restricted Wells Fargo's growth since 2018.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/wells-fargo-ceo-expresses-more-confidence-regulatory-fixes-2024-12-11/ ]