Finance
Wells Fargo Executives Expect Fed’s Growth Cap to Last Into 2025
- Restraint has already been in place for more than five years
- Asset cap has crimped growth as competitors added trillions
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Wells Fargo & Co. executives, restrained for more than five years by a costly Federal Reserve-imposed asset cap, expect the restriction on growth to last at least another year.
The firm’s top brass privately see the first quarter of 2025 as the earliest the sanction could be lifted, according to people familiar with the matter. The expectation is driven by the steps still needed to satisfy the Fed’s order and the perceived low chance of the approval process being fast-tracked in an election year, the people said, asking not to be identified discussing the internal deliberations.