NEW YORK (Reuters) – Wells Fargo (NYSE:WFC) CEO Charlie Scharf expressed more confidence on Wednesday in the bank’s progress to fix compliance problems after its years-long fake accounts scandal, detailing its efforts to implement risk controls.
“For every one of our consent orders that we have, for every one of our regulatory deliverables, we have extremely detailed plans in place that the regulators have reviewed,” he told the Goldman Sachs Financial Services Conference.
“We track our progress at the operating committee every single week,” Scharf said.
The bank is in the last stages of a process to pass regulatory tests to lift a $1.95 trillion asset cap next year after fixing problems from its fake accounts scandal, Reuters reported exclusively last month.
The asset cap, seen as one of the toughest punishments U.S. regulators can put in place, was imposed on the bank in 2018 after it failed to fix governance and risk-management lapses after years of consumer abuses.
The limit curtails Wells Fargo’s ability to take in more deposits and expand its trading business, two potential growth areas for the bank, Scharf said earlier this year.
