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.

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.

Wells Fargo listed the four buildings and a parking garage for sale in early 2023 as it moved most of its downtown employees to its West Des Moines campus at 800 S Jordan Creek Parkway.

The Fed lifts Wells Fargo’s asset cap, allowing the San Francisco-based banking giant to expand loans, deposits, and regain its competitive edge in the market.

Wells Fargo CEO Charlie Scharf knows he has a reputation for sternness, but he said that when the bank was finally freed of a $1.95 trillion asset cap by regulators on Tuesday, he became emotional.

The Fed in 2018 banned Wells Fargo from growing its assets beyond $1.95 trillion in response to a series of sales scandals across several divisions of the bank. Along with the asset cap — the ...

The Federal Reserve said Tuesday that Wells Fargo is no longer subject to harsh restraints the Fed placed on the bank in 2018 for having a toxic sales and banking culture.It's a win for Wells ...

Wells Fargo (NYSE: WFC) is out of the penalty box, more than seven years after regulators put limits on growth in response to a fake-accounts scandal. It has been a lost decade for Wells Fargo ...

San Francisco-based Wells Fargo, one of the nation’s largest banks, received welcome news on Tuesday when the Federal Reserve lifted restrictions on the company’s asset growth. The ...

News National business Wells Fargo CEO Scharf enters growth era with eye on Wall Street June 4, 2025 Updated Wed., June 4, 2025 at 2:18 p.m. Wells Fargo CEO Charles Scharf. (Kyle Grillot/Bloomberg ...