Wells Fargo Regulatory Fixes May Take ‘Several Years,’ CFO Says
Wells Fargo Regulatory Fixes May Take ‘Several Years,’ CFO Says
(Bloomberg) -- Wells Fargo & Co. is making headway at resolving various regulatory concerns including an asset cap imposed by the Federal Reserve, while still facing years of work on the issues, Chief Financial Officer Mike Santomassimo said.
“We see the progress,” Santomassimo said Thursday in a Bloomberg Television interview. “It’s still a journey from here. And it’s going to take several years to complete the work. I’m sure we’ll have setbacks along the way, but we can see the significant progress there, and we’re very confident in our ability to get it all done.”
Wells Fargo, which announced third-quarter results earlier Thursday, is operating under the asset cap and has faced other regulatory actions after years of scandals. The Fed-imposed cap puts limits on the San Francisco-based bank’s balance sheet, constraining its growth.
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