Wells Fargo to ramp up as punishment ends
Federal regulators lift asset cap on Charlotte's No. 2 employer after fake-accounts scandal
The following article appeared in the June 4, 2025, edition of The Charlotte Ledger, an e-newsletter with smart and original local news for Charlotte. We offer free and paid subscription plans. More info here.
Seven years after a severe penalty for fake-accounts scandal, Wells Fargo is now unshackled; plans to give $2,000 to each employee
Federal regulators on Tuesday agreed to lift the most severe punishment on Wells Fargo, the cap on the bank’s assets that was imposed after its fake-accounts scandal more than seven years ago.
The move means that the bank, which is one of Charlotte’s largest employers, with 27,000 local workers, is free once again to direct its resources toward growing instead of satisfying regulators and imposing internal controls.
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