Why would anyone trust these goons? See misleading comments and conjecture over the past 6 years:
- Jan 2019 “CEO Tim Sloan expects the bank to operate under the asset cap through the end of the year.”
- March 2020 ‘Wells Fargo has asked the Federal Reserve to permanently remove a cap on its asset size. The bank said removing the cap would allow it to support businesses and customers affected in the wake of the coronavirus pandemic.” (Nice try lol)
- Dec 2020 “Top WFC executives expect the sanction to stay in place until late 2021 at the earliest.”
- April 2021 “Bloomberg, citing anonymous top Wells Fargo executives, says asset cap could run in to 2022.”
- Sept 2022 “Scharf emphasized enhancement and implementation of appropriate risk and control is the company’s #1 priority.”
- Dec 2022 “Wells Fargo's Crippling Asset Cap Has Cost the Bank Billions in Profits. But It Might Be a Tailwind in 2023.”
- Jan 2023 “Wells Fargo acknowledges asset cap to remain in place in to 2024.”
- May 2023 “Wells Fargo gives three-part lesson in atonement. There are at least three ways a bank can misbehave. It can be downright bad, it can be sloppy, or it can be foolish. But the bank run by Charlie Scharf has been a good example of all three.”
- May 2023 “Wells Fargo has agreed to pay $1 billion to settle a lawsuit accusing it of defrauding shareholders about its progress in freeing itself from the Federal Asset Cap.”
- November 2023 “The bank’s top executives believe the first quarter of 2025 will be the earliest that the $1.95 trillion asset cap could be lifted, Bloomberg reported.
- September 2024 ‘Wells Fargo's latest regulatory setback could delay the timeline for lifting the asset cap and stifle its growth, Wall Street analysts said on Friday.” (Weak safeguards against money laundering and other illegal transactions.)
- November 2024 “Sen. Warren urges Fed not to lift Wells Fargo’s asset cap. ‘Removing Wells Fargo’s asset cap based on the recommendation of a third-party analysis that Wells Fargo purchased for itself…would harm consumers, threaten our financial stability, and reward a bad bank for continuing a long history of abusive and reckless practices.’ Warren wrote.”
- November 2024 “Exclusive: Wells Fargo asset cap likely to be lifted next year, sources say.”