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Wells Fargo seeks removal of asset cap – FT

Wells Fargo & Co. has asked the Federal Reserve to temporarily or permanently remove a cap on its asset size, London's Financial Times reported, citing people familiar with the situation.

The Fed imposed the $1.95 trillion asset cap on Wells Fargo in early 2018 following the fake accounts scandal. The bank said removing the cap would allow it to support businesses and customers affected in the wake of the coronavirus pandemic, according to the report.

A Wells Fargo spokeswoman declined to comment on the bank's talks with regulators, according to the FT, and the Fed declined to comment.