Wells Fargo Sees Stock Boost as 2015 Consent Order Ends

Published 2 days agoWFC

Wells Fargo Sees Stock Boost as 2015 Consent Order Ends

Wells Fargo recently announced that the U.S. Office of the Comptroller of the Currency (OCC) has officially terminated a 2015 consent order against the bank. This order was one of several regulatory measures taken by authorities following the significant 2016 fake accounts scandal. The resolution of this consent order marks a step forward for Wells Fargo as it seeks to move past its regulatory challenges.

Following the announcement, Wells Fargo's stock experienced a positive uptick, aligning with an upward trend observed in recent trading periods. Investors appear encouraged by this sign of progress in the bank's ongoing efforts to resolve compliance issues. This event is part of a broader movement in Wells Fargo's stock performance, reflecting growing confidence among market participants.

Reuters reported that with the closure of the 2015 consent order, Wells Fargo has now resolved its thirteenth regulatory order since 2019, including seven in the current year alone. This underscores significant advancements in its regulatory journey. However, the bank continues to face constraints under a U.S. Federal Reserve-imposed asset cap from 2018, which limits its balance sheet growth until further compliance improvements are achieved.

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