Good progress: A customer uses an ATM at Wells Fargo Bank in Washington. The company has secured the Federal Reserve’s acceptance of a proposal to address lapses in governance and risk management. — AFP
SAN FRANCISCO: Sixteen months into Wells Fargo & Co chief executive officer Charlie Scharf’s tenure, he’s scored the bank’s first real sign of progress toward escaping the shackles of a Federal Reserve-imposed cap on assets.
The company has secured the Fed’s acceptance of a proposal it submitted in September to address lapses in governance and risk management, as required by a 2018 enforcement action. In doing so, Scharf paved the way for the firm to complete the next steps needed to lift the punishment: adopting the plan and undergoing an independent review.
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