Overview

• The Fed’s board voted unanimously on June 3 to lift the seven-year restriction after finding that Wells Fargo addressed the deficiencies tied to its 2018 enforcement order.
• Key elements of the 2018 order remain in effect until the bank satisfies further governance and risk management requirements.
• CEO Charlie Scharf announced that each of Wells Fargo’s 215,000 full-time employees will receive a $2,000 award to mark the milestone.
• Analysts say the cap’s removal will allow Wells Fargo to pursue more commercial deposits, increase trading activities and compete more effectively with peers.
• Wells Fargo shares jumped more than 3% in premarket trading as investors factored in the bank’s renewed growth potential.