The American Federal Reserve raises the cover of Wales Fargo

The US Federal Reserve raised a 1.95 Train roof on the total assets of Wales Fargo, and ended the restrictions imposed in 2018 after a series of exposed scandals in the bank.

CAP was presented after the revelation that Wells Fargo employees have opened unauthorized accounts to achieve sales goals.

Investigations found that employees transferred the money without customer approval, unnecessary fees, and customer registrar in credit products without approval.

More auditing revealed that the bank imposed unjustified mortgage fees and forced customers to buy unwanted cars insurance.

To lift the restriction, the Federal Reserve requires Wales Vargo to meet the conditions, including improvements in overseeing the board of directors, compliance systems and operational risk management.

An independent review of the third party was also assigned, in addition to direct assessments by the Federal Reserve.

“The removal of growth restriction reflects the great progress made by the bank in addressing the shortcomings,” the federal reserve said in a press release.

Charlie Charvef took the bank’s reins as CEO in 2019 to lead his conversion.

“Since his arrival in late 2019, Charlie collected a first -class administrative team, supervises the details and the big image of the main transformation efforts, and has made significant changes to improve returns through a global pandemic, periods of economic fluctuations and important organizational heads,” said Stephen de Black, Chairman of the Wales Vargo.

In recognition of employees’ contributions, Schaar announced a $ 2000 prize for all full -time employees, most of them in the form of restricted shares.

“The federal reserve decision to raise the assets of assets is a pivotal milestone on our journey to convert Wales Fargo. We are a different and stronger company today because of the work we did.

“In addition, we changed and simplified our business mix, and we transferred the management team and how to manage the company. We systematically invested in the company’s future while improving our financial results and financial file.”

“Wells Fargo’s Asset Cap” has been created and published in the United States in the Federal Reserve. Banker Retail InternationalThe brand owned by Globaldata.

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