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Wells Fargo announces layoff of another 35 workers in West Des Moines effective in August, bringing the total to 1,241 since April of 2022.

Consequently, Wells Fargo altered its strategy to concentrate on businesses that yield higher returns and are less capital-intensive, such as investment banking and advisory services.

With its asset cap lifted, Wells Fargo bank CFO Mike Santomassimo outlines key plans for growth in wealth management, consumer banking, and investments.

U.S. consumer loan growth is likely to remain muted for the rest of the year and could potentially slide, Wells Fargo Chief Financial Officer Mike Santomassimo said on Tuesday.

Sen. Elizabeth Warren and CNBC anchor spar over Federal Reserve's decision to lift asset cap on Wells Fargo. Warren calls for release of Fed report.

The Federal Reserve has lifted restrictions imposed on Wells Fargo's growth seven years ago following a series of scandals, including one where staff set up fake accounts.

The growth cap imposed on Wells Fargo & Co. since 2019 seemed a uniquely harsh punishment by US watchdogs, constricting the bank’s growth through a period when some rivals bloomed.

The Federal Reserve said it has removed restrictions it had placed on Wells Fargo, the prominent San Francisco bank that has sought to move past a series of scandals in the last decade.

The Federal Reserve on Tuesday voted to scrap a near-$2 trillion asset cap imposed on Wells Fargo over a 2016 scandal that uncovered millions of fake accounts and other consumer abuses.

Wells Fargo & Co. has cleared a major obstacle to its growth plans, opening the way for the bank to grow after years of restrictions related to its fake-accounts scandal.