SAN FRANCISCO (dpa-AFX) - Wells Fargo (WFC) announced that the Federal Reserve has lifted the restrictions on its asset growth. These limits were put in place in 2018 as part of a consent order, which required the bank to improve its board oversight, compliance programs, and risk management.
To remove these restrictions, Wells Fargo had to complete a series of improvements and undergo an independent review by a third party, along with additional checks by the Federal Reserve. Now that all conditions have been met, the bank is free to expand its total assets again.
Wells Fargo is recognizing the hard work and dedication of its employees by awarding all full-time staff a special $2,000 benefit. For most employees, this will come in the form of a restricted stock grant, giving them a chance to own a part of the company and potentially benefit from its future growth.
This award is meant to show appreciation for team members across various roles-whether tellers, contact center representatives, administrative assistants, operations staff, bankers, financial advisors, or corporate employees-acknowledging their contributions to the company's success, Wells Fargo said.
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