Wells Fargo Now Plans to Operate Under Growth Ban Through 2019
- CEO Tim Sloan updated asset cap guidance in earnings call
- Bank previously guided for cap to lift in first half of 2019
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Wells Fargo & Co. is planning to operate under a Federal Reserve asset cap through the end of 2019, rather than just the first half of the year, as it takes longer than anticipated to correct issues in its consumer business.
“To have enough time to incorporate this feedback in our plans in a thoughtful manner and adopt and implement the final plans as accepted by the Federal Reserve and complete the third-party reviews, we’re now planning to operate under the asset cap through the end of 2019,” Wells Fargo Chief Executive Officer Tim Sloan said Tuesday on an earnings call with analysts.